MicroStrategy, the software giant with over $1.3 billion bitcoin purchase in the past 6 months has bought the bitcoin dip again with a $10 million purchase at $31,808 apiece, taking their total bitcoin holding to 70784 worth $2.27 billion.
MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.https://t.co/zMJSH29bmC
— Michael Saylor (@michael_saylor) January 22, 2021
This is not the first time when MicroStrategy has bought the dip, before its current purchase Microstrategy had bought nearly $650 million worth of BTC during the last dip proving that they are not just hyping bitcoin but increasingly investing in it.
Bitcoin price also bounced above $32,500 after registering a daily low of $28,900, quite similar to what happened last December when MicroStrategy bought the last Bitcoin dip.
MicroStrategy started buying bitcoin toward the end of August last year and hasn’t stopped since then and is among the most bullish institutions at present. The multi-billion dollar company sees Bitcoin as a treasury reserve asset superior to cash and gold and that was their primary reason for investment. Their investment has more than doubled within 6 months as their decision seems to be paying off.
MicroStrategy CEO Michael Saylor has turned into a big-time Bitcoin proponent often sharing his thoughts on Bitcoin’s superiority over traditional fiat and has proclaimed that they are early entrants and many more institutions would follow.
Institutions and Whales Are Buying the Dip, Are You?
The Bitcoin price retrace over the past 48 hours has many people worried if bitcoin would be able to hold its position above $30,000, however, the top cryptocurrency is back above $32,000 and currently looking to regain $33,000 level. Many attribute the recent price slip to the double-spend FUD, but whales and institutions don’t seem to be much bothered about it as on-chain metrics suggest they have hodled through this price crash.
You sold your $BTC to MicroStrategy again didn't you anon
— Joseph Young (@iamjosephyoung) January 22, 2021
The number of bitcoin wallets with over 1000 BTC has peaked to an all-time-high suggesting hodling by whales. Institutions seem to be anticipating another bull move again as they but the dip. With liquidity on exchanges drying up and whales starting to move their BTC away from exchanges, the top cryptocurrency is looking to set for another big move up.