NewsletterBreaking: MicroStrategy Acquires 16,130 BTC in Latest Bullish Move
In another bullish move that the digital currency ecosystem so craves, Michael Saylor, the chairman of American bullish intelligence and software firm MicroStrategy Incorporated has announced the acquisition of another 16,130 BTC for approximately $593.3 million at an average price of $36,785 per Bitcoin.
Per the announcement, the company, as of November 29 now HODLs as much as 174,530 BTC acquired for approximately $5.28 billion at an average price of $30,252 per Bitcoin. This is another bullish move from the firm, strengthening its status as the most Bitcoin-bullish firm on Wall Street.
MicroStrategy Now HODLs Over 174K BTC
Per the announcement, the company, as of November 29 now HODLs as much as 174,530 BTC acquired for approximately $5.28 billion at an average price of $30,252 per Bitcoin. This is another bullish move from the firm, strengthening its status as the most Bitcoin-bullish firm on Wall Street.
This comes almost four weeks after the firm acquired 155 units of Bitcoin for $5.3 million and it further underscores MicroStrategy’s resilience in pursuing its Bitcoin strategy. MicroStrategy CEO Phong Le once affirmed that the business software firm is keen on purchasing and retaining the flagship cryptocurrency as its lone asset.
Even with a 3% rise in quarterly revenue to $129.5 million which caused the company to report a net loss of $143.4 million, Le emphasized that MicroStrategy’s Bitcoin strategy is not threatened.
MicroStrategy Not Planning to Reduce its Tempo
The zeal to keep hodling the leading crypto coin is an indication of MicroStrategy’s market confidence in Bitcoin. In a podcast, Michael Saylor called Bitcoin a “perfected engineered crypto gold,” citing its potentials as a store of value as well as an hedge against inflation compared to traditional assets.
“I started going down this rabbit hole of thinking what is money when I starting thinking about what is money when I realized I was going to lose my money and destroy the livelihoods of all my employees…when Jerome Powell states I’ve been thinking of raising interest rates you know your strategy of investing in bonds is broken,” said Saylor.
The Bitcoin Marxist highlighted BTC’s scarcity and durability as two factors that makes the flagship cryptocurrency a better alternative to several traditional investment strategies including stocks and gold.
Noteworthy, in the face of the present Bitcoin price rally, MicroStrategy has seen significant profit owing to its enormous investment in the coin.
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