MicroStrategy Buys More Bitcoin For $15M - AutoTrading Strategies

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MicroStrategy Buys More Bitcoin For $15M

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MicroStrategy is leading the way in crypto adoption by incessantly buying more bitcoin. The company has spent 15 million USD on the acquisition of 253 additional bitcoin.

The enterprise software company based in the US is still bullish on bitcoin. CEO of MicroStrategy Inc, Michael Saylor, announced the purchase of bitcoin for $15 million on Monday. The company already had a collection of close to 91,000 bitcoin.

Bitcoin’s price is $58,616 at the moment. It has broken all the previous price records in 2021. Moreover, the total market cap of bitcoin has crossed $1 trillion.

Also Read: Visa Plans to Allow Settlements of Transaction in Crypto

The recent purchase has taken MicroStrategy’s bitcoin holding to 91,579. It amounts to $5.31 billion in BTC.

MicroStrategy’s Affair with Bitcoin:

MicroStrategy Inc. is one of the earliest backers of bitcoin. It started investing in bitcoin in 2020. Michael Saylor (CEO) is known as the crypto influencer for his support of BTC.

With the start of 2021, multiple corporate ventures started exploring the crypto space. Companies like Tesla, PayPal, MasterCard, and Visa have started bitcoin-related activities in the past few months. Tesla has by far made the biggest investment in bitcoin that is peaked at $1.5 billion. Moreover, Tesla is also accepting bitcoin as payment for its electric cars.

MicroStrategy has set the precedence of investing in bitcoin. Furthermore, it is continuously increasing the number of buy-ins. Michael Saylor is positive about the BTC’s future.

The price of bitcoin has hit the all-time high value of $62K in the last month. However, it is cooling off for now giving altcoins the chance to break out from the barriers.

The institutional adoption of bitcoin is likely to start another bull rally.

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