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Home Crypto News Market MicroStrategy Buys the Dip With Another $ 650 Million Worth Of Bitcoin

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

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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.

 

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.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master in Business Administration degree and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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