[ccpw id="39382"]

HomeCrypto NewsMarketMicroStrategy Buys the Dip With Another $ 650 Million Worth Of Bitcoin

MicroStrategy Buys the Dip With Another $ 650 Million Worth Of Bitcoin

Date:

Written By:

Follow Us On

MicroStrategy has passed 1 Billion USD of Bitcoin (BTC) buying in 2020. 29.646 more BTC were purchased worth 650 million USD. On average, the company paid 21,925 USD per Bitcoin.

The CEO of MicroStrategy, Michael Saylor, announced via twitter that the company has now purchased Bitcoin for another 650 million USD as planned. This news came immediately after the short-term Bitcoin price collapse. MicroStrategy announced its intention to buy more Bitcoin earlier this month, with a sale of bonds to raise funds for buying BTC. The bond sale brought $ 650 million, which has now been used to buy Bitcoin as promised.

- Advertisement -

 

The company now holds a total of 70,470 BTC purchased at an average price of $ 15,964 per Bitcoin. This makes Microstrategy the fifth largest Bitcoin Investor, ahead of the United States government, which owns 69,420 BTC. Michael Saylor motivates other companies to do the same.

MicroStrategy began its Bitcoin journey in August with a purchase of 21,000 BTC for 250 million USD. At the time, the company stated that it intended to use BTC as the primary reserve currency to hedge against US dollar Inflation. Further buying included a purchase for USD 425 million in September, through Coinbase.

Recently, Saylor encouraged fellow billionaire Elon Musk to follow his example and use BTC to replace the US Dollar as Tesla’s primary reserve currency. This would encourage other S&P 500 companies to follow suit.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

More from Author

Latest Stories

Guides