The price of bitcoin is steadily climbing around $36,000. During the recent recession, MicroStrategy, a US-based business intelligence software organization, purchased additional Bitcoin worth $25 million (roughly Rs 187 crore) in cash.
Its CEO, Michael Saylor, confirmed that the company has bought another 660 Bitcoins at an average price of $37,865 per Bitcoin (roughly Rs 28.35 lakh).
MicroStrategy is supposedly the nation’s biggest corporate investor in terms of market capitalization in the world’s largest cryptocurrency. The company now has over 1,25,000 Bitcoins in its possession.
The new purchase comes at a time when the cryptocurrency market is on the decline, with Bitcoin, in essence, losing more than 40% of its value since November.
Bitcoin reached a high of $69,000 (roughly Rs 51.67 lakh) in November but still, it is now trading at just over $36,000 (roughly Rs 26.96 lakh), lower than the average price for MicroStrategy’s latest Bitcoin purchase, according to Saylor.
When the average price of all Bitcoins in MicroStrategy’s account is regarded, the company is still lucrative. The new batch of Bitcoins was bought between December 30 and January 31, according to MicroStrategy.
Big Firms Investing in the Flagship Cryptocurrency
MicroStrategy was the biggest corporate backer of Bitcoin, according to CoinGecko, a cryptocurrency data platform. Tesla is a distant second, with only 48,000 Bitcoins on its balance sheet.
Saylor, MicroStrategy’s 56-year-old CEO, is a well-known Bitcoin proponent. In July of last year, he stated that his company’s long-term strategy was to invest in Bitcoin because “digital property” is the prospect of Big Tech.
He recently informed Bloomberg that Bitcoin’s recent decline from a record high in November does not concern him because inflation is going to rise. A Bitcoin benchmark, he added, is the best protection against rising prices.
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