Buying the Bitcoin Dip: MicroStrategy Scoops $10M Worth of BTC Following $7K Daily Crash

Michael Saylor’s Bitcoin bet appears to be far from over as his company MicroStrategy has acquired even more BTC despite the crypto price experiencing a significant retrace over the last couple of days.

MicroStrategy has added more Bitcoin to its balance sheet according to an announcement issued on Friday (Jan. 22, 2021).

The business intelligence firm has acquired 314 BTC for $10 million increasing its Bitcoin holdings to over 70,784 “coins.”
MicroStrategy’s announcement also revealed that it bought its BTC lump at a price of about $31,808 per coin.
The company began buying BTC back in August 2020, after making a bitcoin purchase worth $250 million. Since its initial purchase, the company has since been on a bitcoin buying spree, even raising more than $650 million in debt for another BTC purchase.
At the time, MicroStrategy CEO Michael Saylor described Bitcoin as a viable hedge against monetary debasement.
Since its first Bitcoin purchase announcement, the company’s stock price has risen more than 320%.Indeed, MicroStrategy’s pivot to Bitcoin seemed to trigger a herd of institutional adopters who added the largest crypto by market capitalization to their balance sheets.
Other publicly-listed firms including asset managers and insurance companies have also bought Bitcoin. Companies like Ruffer Investment bought about $750 million worth of BTC.
As of the time of writing, Bitcoin appears to be recovering from a 30% slump that its price below $30,000 for the first time since Jan. 4.

Sourse: cryptopotato.com

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Category: News | Views: 63 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoi Price #BTC | Rating: 0.0/0
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