MicroStrategy has made another Major Purchase for Bitcoin during its Dip

MicroStrategy has made another Major Purchase for Bitcoin during its Dip

 

Just when the cryptocurrency industry starts thinking that Bitcoin is going towards a dip, MicroStrategy manages to make it into the picture. Ever since its involvement in Bitcoin back in August of 2020, MicroStrategy has continued its streak of purchasing Bitcoin.

Whenever the largest cryptocurrency in the world ends up facing a dip, MicroStrategy comes in with a major headliner. Back in January of 2021, when Bitcoin faced its first dip of the year 2021, it was MicroStrategy that didn’t lose its faith in Bitcoin.

Instead of worrying about selling Bitcoin, MicroStrategy went ahead and purchased even more Bitcoin. After that, MicroStrategy purchased even more Bitcoin in the month of February. According to MicroStrategy’s quarterly submissions at the US SEC, the business intelligence firm has acquired Bitcoin in almost every month of 2021.

This time as well when Bitcoin was experiencing a dip for the past couple of weeks, MicroStrategy has yet again made it into the headlines. MicroStrategy has reportedly gone for another major purchase of Bitcoin, acquiring thousands of Bitcoin in the process.

The announcement related to the acquisition of even more Bitcoin was made by Michael J. Saylor on Monday, November 29, 2021. Michael J. Saylor is the CEO of MicroStrategy and a pro-Bitcoiner. He is the reason why MicroStrategy invested in Bitcoin in the first place.

It was back in July of 2020 when Michael J. Saylor made his proposal to the MicroStrategy board of directors. He presented the idea of investing in Bitcoin at the right time, which was accepted by all the directors.

On Monday, Saylor announced that they have gone for yet another purchase of Bitcoins. He revealed through his Twitter profile post that MicroStrategy had made a huge purchase of Bitcoin that was worth $414.4 million. As a result of the recent purchase, MicroStrategy has acquired a total of 7,002 Bitcoin.

Saylor also revealed that MicroStrategy spent an average of $59,187 to acquire each Bitcoin in the recent purchase.

With the latest purchase, the overall amount of Bitcoin held by MicroStrategy is now 121,044 BTC. At the time of writing, the total Bitcoin held by MicroStrategy translates to over $6.89 billion. According to an estimate, MicroStrategy has acquired each Bitcoin at an average price of $29,534.

For Bitcoin, MicroStrategy seems to be playing a really big role as it has spent over $2 billion in the acquisition of a total of 121,044 Bitcoin. It can be perceived that it is due to MicroStrategy that the mainstream industry has started investing in Bitcoin. MicroStrategy had reportedly pitched Bitcoin to more than 15,000 mainstream institutions and retail investors.



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