Breaking: MicroStrategy Buys Additonal $15 Million Worth of Bitcoin
MicroStrategy, the cloud solution giant has bought an additional $15 million worth of Bitcoin at $55,387 adding 271 BTC to their $2 billion-plus bitcoin holdings. The most recent purchase take the total number of Bitcoin bought by Microstrategy to 91,850 BTC worth $2.41 billion.
MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin. $MSTRhttps://t.co/EwZnRkAt6k
— Michael Saylor (@michael_saylor) May 13, 2021
The announcement comes at a time when Elon Musk-led Tesla has decided to discontinue the Bitcoin payment option citing growing concerns over the Bitcoin network’s energy consumption, igniting the much-hyped FUD again.
Michael Saylor, the CEO of the Fortune 500 company came down heavily on Musk for his outlandish claims and called his per-transaction energy consumption ironic since the miners on the Bitcoin network offer hash power to secure the whole network instead of per transaction.
Ironic because no incremental energy is used in a #bitcoin transaction. The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered.
— Michael Saylor (@michael_saylor) May 12, 2021
MicroStrategy Now Biggest Bitcoin Hodler Among Fortune 500 Companies
MicroStrategy is considered as a pioneer in bringing Bitcoin to institutions as it started buying Bitcoin towards the end of August last year and since then it has accumulated over 91,000 BTC in a series of cash and credit purchases of the top cryptocurrency. The firm started using bitcoin as a treasury hedge instead of US Dollar and it has paid dividends that surpasses it’s total revenue generated over the years through product and service offerings.
Michael Saylor also headed a Bitcoin conference attended by thousands of CEOs from various public listed companies including Tesla and SpaceX. Saylor has proven to be ahead of the curve when it comes to understanding the fundamentals of the top cryptocurrency and as a result the total valuation of its Bitcoin holdings is nearly $2.5 billion. Unlike Musk, Saylor had also cleared all rumours about possibly selling his BTC holdings and claimed that he would never do it. While Bitcoin is currently going through a bearish phase, the continuous growing adoption from wall street giants indicate that Bitcoin is here to stay.
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