MicroStrategy Buys More Bitcoin
- On April 5, MicroStrategy purchased an additional 1,045 Bitcoin taking their total holdings to more than 140,000 BTC.
- The company’s average price of Bitcoins held is $29,803 per coin and if the Bitcoin (BTC) price jumps by 6 percent from the current levels then they will have made a profit.
- Michael Saylor has been very bullish on Bitcoin’s future ever since he started accumulating in 2020 and believes that more and more nation-states will embrace it.
MicroStrategy continues to add more bitcoin its kitty. On Wednesday, April 5, the company announced that it has purchased an additional 1,045 BTC taking their total holdings past 140,000 BTC. With this purchase, the company is close to breaking even on its average price of Bitcoins held i.e. $29,803 per coin. Michael Saylor has been ultra-bullish on Bitcoin’s future believing that more and more nation-states will continue to embrace Bitcoins.
Bitcoin Price Rally in Q1 of 2023
After a strong 70 percent rally in the first quarter of 2023, the world’s largest cryptocurrency Bitcoin (BTC) is currently consolidating at around the $28,000 level. This comes just a week after MicroStrategy purchased 6455 bitcoins worth $150 million on March 27th. So far till date MicroStrategy has spent over $4.1 billion in all of the 140,000 Bitcoins it acquired.
USD Backed by Bitcoin?
In one of his recent interviews Michael Saylor said that USD would continue to be world’s reserve currency but with underlying asset being bitcoin instead of gold or other assets like oil etc.. Top regulators have willingly identified bitcoin as digital asset and Saylor believes that more nations would soon follow suit.