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MicroStrategy remains resilient, buys 1,434 more Bitcoin

MGA

TL;DR Breakdown

  • MicroStrategy buys 1,434 more Bitcoin.
  • Firm now holds 122,478 BTC.
  • Saylor calls BTC world best reserve currency.

The ever-willing corporate crypto investor, MicroStrategy, has again cemented its place as the biggest corporate crypto investor in the world.

Headed by crypto ‘bigot’ Michael Saylor, the business intelligence firm has staked $82.4 million more in Bitcoin, couponing 1,434 BTC into its purse.

Michael Saylor, one of the most prominent Bitcoin advocates, who is also the founder and CEO of MicroStrategy, announced the latest purchase earlier on December 9th.

Its recent 1,434 BTC cost the firm around $57,500 per bitcoin. This means that the purchase was made most likely last week since BTC’s price has been stuck below $50,000 ever since the Saturday crash.

MicroStrategy now hodls 122,478 BTC

Weeks back, the firm announced that it has purchased 7,000 Bitcoin at over $414 million.

The firm’s total stash is now 122,478 Bitcoins, which were acquired for $3.66 billion at an average price of just under $30,000. With BTC’s price slightly trading below $50,000, MicroStrategy’s entire BTC portfolio is now worth over $6 billion.

Bitcoin, world reserve asset – Saylor

Previously, MicroStrategy CEO Michael Saylor has said that Bitcoin is the best inflation hedge and world reserve asset better than the US dollar.

Saylor believes that bitcoin is the world reserve asset, whereas the dollar is the world currency. That’s the main distinction between the two.
While saying this, he reiterated that MicroStrategy will likely “hold forever.”

Speaking on inflation, he said that bitcoin would provide the best hedge against inflation.

“There’s going to be volatility, but it seems to me that now we have universal acknowledgment that the world needs an inflation hedge,” he said. “So if you have bitcoin, don’t sell it.”

In August 2020, the firm made its first Bitcoin purchase of around $250 million. Before their first purchase, the firm told shareholders that fiat was no longer a safe asset hence the need for Bitcoin. Weeks after the firm’s first Bitcoin purchase, they bought more Bitcoin worth $175 million.

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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