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Michael Saylor’s MicroStrategy has again taken a bold step in the Bitcoin space. In the last week, the company bought 20,056 BTC at an average price of $97,514 per coin. This new purchase takes the company’s total holdings of Bitcoin to 499,096 BTC, with an average purchase price of around $66,357 per coin.
MicroStrategy’s Bitcoin Strategy
MicroStrategy has been among the most steadfast corporate Bitcoin buyers ever since its first purchase in 2020. The firm regards Bitcoin as a better store of value than cash and keeps adding it irrespective of the price changes.
Michael Saylor, chairman and co-founder of the company, has also been a strong promoter of Bitcoin, and often stressed its function as “digital gold.” This latest acquisition further solidifies MicroStrategy’s long-term investment in Bitcoin as an asset class.
Impact on the Market
Such large-scale Bitcoin buys by institutional investors such as MicroStrategy can do a great deal to move market sentiment. This purchase is made at a time when Bitcoin prices are trading around all-time highs, highlighting sustained institutional faith in the asset.
With almost half a million BTC within its treasury now, MicroStrategy is still the largest corporate owner of Bitcoin, further establishing itself as a front-runner in the institutional adoption of cryptocurrency.
MicroStrategy’s latest Bitcoin acquisition confirms its unshakeable faith in the long-term worth of Bitcoin. As institutions increasingly consider Bitcoin as a treasury asset, MicroStrategy’s approach could continue to be the standard for corporate adoption.
What are your thoughts on MicroStrategy’s latest Bitcoin purchase? Share with us in the comments!
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