MicroStrategy moved on to replenish its cryptocurrency reserves with small amounts, adding another 328 BTC for corrections. The company now owns 90,859 BTC.
MicroStrategy CEO Michael Saylor announced another purchase of 328 BTC for about $ 15 million.Despite the crypto market correction, when Bitcoin fell below $ 44,000, dragging other cryptocurrencies with it, MicroStrategy regarded this as a signal to buy.
The volatility of bitcoin does not scare Sailor, as he believes that the main task of this crypto-asset is to generate annual profits. The MicroStrategy chief tweeted that the company purchased 328 BTC for cash at a rate of about $ 45,710. Given these investments, MicroStrategy already has 90,859 BTC at its disposal.
MicroStrategy has purchased an additional ~328 bitcoins for ~$15.0 million in cash at an average price of ~$45,710 per #bitcoin. As of 3/1/2021, we #hodl ~90,859 bitcoins acquired for ~$2.186 billion at an average price of ~$24,063 per bitcoin. $MSTRhttps://t.co/fGH5KacsPI
— Michael Saylor (@michael_saylor) March 1, 2021
The company first invested in bitcoin in August 2020, having bought 21,454 BTC for $ 250 million. Sailor justified his decision by the fact that holding bitcoins is much more profitable than in cash or investing in gold. After that, MicroStrategy continued to buy the first cryptocurrency, and by the end of last year already owned over 70,000 BTC. The company recently announced that it will issue $ 690 million in bonds to raise funds to buy bitcoin. However, the net proceeds from the sale of bonds exceeded $ 1 billion, and last week MicroStrategy bought another 19,452 BTC.
Earlier, Sailor said that he buys bitcoin not for speculative purposes, but for the gradual introduction of this cryptocurrency into the financial system. However, not everyone remains enthusiastic about Bitcoin. For example, the FD7 Ventures cryptocurrency fund is going to sell BTC for $ 750 million, as it considers bitcoin “obsolete”.
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