Breaking: MicroStrategy Buys Additonal $15 Million Worth of Bitcoin

By Prashant Jha
May 13, 2021 Updated May 13, 2021
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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.

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.

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.

 

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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