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MicroStrategy Purchases More Bitcoin

MicroStrategy Purchases More Bitcoin
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MicroStrategy purchases more Bitcoin bringing the total worth of its bitcoin holding to $5.3 billion. The company has added 3, 907 BTC on its balance sheet from July 1st to August 23rd.

The report of the bitcoin purchase came to the public on Tuesday. By topping up its holding with more BTC, the business intelligence firm now has 109,000 BTC in its possession. These are in total worth $5.3 Billion at the price of $49,000 per coin.

MicroStrategy continues to buy bitcoin despite the market’s plunge in May. Bitcoin lost 50% of its value in recent months. However, the coin touched the $50K mark again on Monday.

Also Read: PayPal Launches Crypto Services in the UK

Losses were incurred when the crypto market lost significant value. Tesla lost close to $23 Million in the second quarter of the financial year on its bitcoin holdings.

Michael Saylor, the CEO of MicroStrategy, is long on Bitcoin. He frequently tweets quotes from history and relates them with bitcoin. He has also suggested companies invest in bitcoin. The exchange of tweets between  Saylor and Elon Musk in January suggests that he convinced him regarding bitcoin buy-ins.

The purchase of Michael Saylor’s company has had not caused any uptrend in the bitcoin price. Unlike old times, bitcoin’s price is now relatively less impacted by the buy/sell news. BTC has rejected $51,000 and is now trading below $50K.

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