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Home News Bitcoin News

MicroStrategy now 5th largest Bitcoin hodler after $650 million investment

Muhaimin Olowoporoku by Muhaimin Olowoporoku
December 21, 2020
in Bitcoin News
2 min read
Elon Musk US legislators BitGo MicroStrategy Crypto trading platform Crypto regulations Sean Lennon Bitcoin payment Chainalysis analytics Crypto lender Cred
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TL;DR Breakdown

  • MicroStrategy invests in Bitcoin for the second time
  • MicroStrategy now ranks as the 5th largest Bitcoin hodler
  • Bitcoin, a better investment option than gold

Business intelligent firm, MicroStrategy now ranks as the 5th largest Bitcoin hodler after it invested an additional $650 million in the largest cryptocurrency by market capitalization.

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MicroStrategy announced it purchased the additional $650 million during the price dip. It has previously disclosed its intention to buy more Bitcoin earlier this month.

MicroStrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per #bitcoin and now #hodl an aggregate of 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin.https://t.co/j6wVLXIzoa

— Michael Saylor (@michael_saylor) December 21, 2020

Michael Saylor, MicroStrategy Chief Executive officer said that the acquisition reaffirms the firm’s belief that Bitcoin is a dependable store of value.

Climbing to become the 5th largest Bitcoin hodler, the firm now owns 70,470 BTC bought at an average price per Bitcoin of $15,964. The firm surpassed the United States Bitcoin holding as the word power owns 69,420 BTC.

Why Bitcoin is good investment for MicroStrategy

Following the business intelligent firm’s initial investment in Bitcoin, it has raked several million back in profit. Bitcoin continues to remain one of the most prospective investment as confirmed by Christopher Wood, Global Head of Equity Strategy at Jefferies, a US-based investment bank.

He said he’s favoring exposure for Bitcoin instead of gold. Similarly, strategists at JP Morgan Bank confirmed that Bitcoin is now overbought. They explain that BTC flows into the Grayscale Bitcoin Trust (GBT) “are too big to allow any position unwinding by momentum traders to create sustained negative price dynamics.

When MicroStrategy Bitcoin journey started

The American firm first purchased BTC in August buying 21,000 BTC for 250 million. They stated then that Bitcoin was being adopted as a reserve currency and hedge against the U.S. dollars.

Afterward, they purchased $425 million more BTC in September. Michael Saylor the firm CEO also urged Tesla boss, Elon Musk to use BTC to replace the U.S. dollar as Tesla’s primary reserve currency.

Saylor has become a Bitcoin bull after his firm profited from their first round of Bitcoin investment.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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