MicroStrategy Gobbles Up Another $94,200,000 Worth of Bitcoin As Crypto Markets Move Sideways

MicroStrategy is placing yet another bet on Bitcoin (BTC) even as the leading cryptocurrency continues an apparent market downtrend.

MicroStrategy chief executive Michael Saylor tells his 2 million Twitter followers that the enterprise analytics firm purchased another 1,914 Bitcoin for approximately $94.2 million in cash at an average price of about $49,229 per BTC.

That latest haul brings the firm’s total Bitcoin holdings to about 124,391 BTC purchased for a total of about $3.75 billion. Each Bitcoin was purchased for an average price of about $30,159.

With Bitcoin trading at $47,019.13 at time of writing, MicroStrategy’s BTC trove is currently worth nearly $5.84 billion.

BTC is up 0.5% in the past 24 hours but down more than 17.8% from where it was priced one month ago. Shares of MicroStrategy rose 1.12% on Thursday by market close, according to Yahoo Finance.

Saylor has explained in past interviews that he thinks Bitcoin will go up in value forever due to its capped supply, which cannot increase regardless of demand and price.

“My point is that [there’s] never going to be more than 21 million Bitcoin, so it’s a very fixed supply.

It’s the only scarcity that anybody can invest in in the world.

Every other asset that you can buy as an inflation hedge, like real estate or stocks or gold or commodities, all of those things have a supply that’s going to increase as the price goes up.

But you can’t increase the supply of Bitcoin.”

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/tunnelmotions


Tagged : / / / / /
Bitcoin (BTC) $ 39,734.65 2.30%
Ethereum (ETH) $ 2,163.87 2.74%
Litecoin (LTC) $ 71.92 0.29%
Bitcoin Cash (BCH) $ 226.51 0.08%