MicroStrategy Introduces another $15 Million to Bitcoin's Stash
Cryptocurrency Broker – Ollie
Just a week after adding $10 million worth of Bitcoin (BTC) investments to its dash, MicroStrategy has tossed another $15 million into its store of wealth.
MicroStrategy CEO Michael Saylor announced on Twitter that his company had bought an extra 262 Bitcoin for $15 million. Given the figures, MicroStrategy was buying Bitcoin at around $57,251 per device. One might infer that the company is aggressively purchasing dips and tops.
Following the latest acquisition, the business analytics company currently owns BTC 91,326, with a net expenditure of $2.2 billion. At current prices, MicroStrategy would make almost $800 million in profits if it wanted to unload its stash.
Meanwhile, Saylor's normal pro-Bitcoin position recently said that governments will be the next to purchase Bitcoin from sovereign wealth funds. He cited the weakening output of gold as one of the factors that would fuel this change. Although the price to buy Bitcoin has risen by 95% since the beginning of the year, gold has declined by 12%.
This further reinforces the idea that Bitcoin investing is as strong a shield against inflation as gold.
But amid the success of MicroStrategy's Bitcoin trading game, the company's share price has started to decline. In the last month, MicroStrategy slumped by 24%, and last week saw a low of $620.
“We will continue to pursue our strategy of acquiring Bitcoin with excess cash… With the objective of using the proceeds to purchase additional Bitcoin,” stated CEO of MicroStrategy, Michael Saylor.