Bitcoin is currently trading above $36,000.
US-based business-intelligence software company MicroStrategy has bought an additional $25 million (about Rs 187 crore) in bitcoin cash during the recent crash. Its CEO Michael Sayler said that his company has bought another 660 bitcoins at an average price of $37,865 per bitcoin (approximately Rs 28.35 lakh). MicroStrategy is reportedly the largest corporate investor in the world’s largest cryptocurrency by market cap. The company now has a total of over 1,25,000 bitcoins. The new acquisition comes at a time when the crypto market is on a downtrend and bitcoin, in particular, has lost more than 40 percent of its value since November.
Bitcoin hit a high of $69,000 (approximately Rs 51.67 lakh) in November but is currently trading at over $36,000 (approximately Rs 26.96 lakh), which is the average price for Microstrategy’s recent bitcoin purchases. Said. However, MicroStrategy is still in the green if one takes into account the average price of total bitcoins in its kitty.
“MicroStrategy has purchased an additional 660 bitcoins for $25 million in cash at an average price of $37,865 per bitcoin. As of 1/31/22, we acquired 125,051 bitcoins for $3.78 billion at an average price of $30,200 per bitcoin,” Sailor said. “HODL” is a phrase formed from a misspelling of “hold” in the context of cryptocurrency buying and holding.
MicroStrategy has purchased an additional 660 bitcoins for ~$25.0 million in cash at an average price of ~$37,865 per #bitcoin, by 1/31/22 we #hodl At an average price of ~$30,200 per bitcoin, ~125,051 bitcoins were received for ~$3.78 billion. $mstrhttps://t.co/bF6VImC0Qy
— Michael Saylor⚡️ (@saylor) 1 February 2022
micro strategy said The latest batch of bitcoins were purchased between December 30 and January 31, a statement said.
CoinGecko, a cryptocurrency data platform, said That MicroStrategy was the biggest corporate proponent of bitcoin. Next is Tesla, which has only 48,000 bitcoins.
Microstrategy’s CEO Saylor, 56, is a well-known proponent of bitcoin. In July last year he said His company’s strategy was to invest in bitcoin for the long term as the future of Big Tech is a “digital asset”.
Recently, he said Bloomberg said that bitcoin’s fall from its all-time high in November is not a concern because inflation is on the rise. “The best hedge against inflation is a bitcoin standard,” he said.
,