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Michael Saylor, MicroStrategy’s executive chairman, is again making headlines for his company’s aggressive corporate approach to acquiring Bitcoin. In a recent press release, Saylor announced that MicroStrategy bought another 6,911 BTC for around $584 million. This most recent buy came at an average price of $84,529 per Bitcoin, further establishing the company’s reputation as the leading corporate owner of BTC.
MicroStrategy’s Increasing Bitcoin Holdings
With this recent purchase, MicroStrategy currently owns more than 500,000 BTC, a major milestone in the company’s continued focus on Bitcoin as a core treasury asset. The company has repeatedly doubled down on its strategy of investing in Bitcoin, becoming a vocal supporter of the cryptocurrency’s long-term worth.
The Effect of This Action
This enormous acquisition of Bitcoin by MicroStrategy shows sustained institutional confidence in BTC even in periods of market volatility. The acquisition is made during a period when Bitcoin has strong bullish momentum, being ever so close to its all-time high. Experts have argued that such massive purchases by institutional investors such as MicroStrategy help drive the scarcity of Bitcoin and ultimately the appreciation in its price.
Michael Saylor’s Bitcoin Vision
Saylor has been a vocal supporter of Bitcoin, often pointing to its superiority over fiat currencies as a store of value. At MicroStrategy, under his direction, the company has regularly added Bitcoin to its balance sheet, using both corporate profits and outside financing to pay for these acquisitions.
MicroStrategy’s new Bitcoin buy is an important milestone in corporate Bitcoin adoption. With the company continuing to add to its BTC reserves, it leads the way for other institutions seeking to hedge inflation and leverage the long-term value of Bitcoin. With more than 500,000 BTC now under its control, MicroStrategy continues to be a leader in the Bitcoin space.
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