MicroStrategy’s recent acquisition of 12,333 BTC brings its total holdings to 152,333 BTC worth $4.52 billion, sparking positive reactions.
MicroStrategy, the business intelligence and software company led by executive chairman Michael Saylor, has once again made headlines in the crypto world.
In a recent tweet, Saylor revealed that MicroStrategy had acquired an additional 12,333 Bitcoin (BTC) for approximately $347 million, with an average price of $28,136 per Bitcoin. This latest acquisition brings MicroStrategy’s total Bitcoin holdings to 152,333 BTC, acquired at an average price of $29,668 per Bitcoin, amounting to around $4.52 billion.
MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin. $MSTR https://t.co/joHo1gEnR0
— Michael Saylor⚡️ (@saylor) June 28, 2023
Mixed Reaction from the Crypto Community
The announcement attracted attention and positive reactions from prominent figures within the crypto industry. Changpeng Zhao, the CEO of Binance, the largest crypto exchange, expressed his support for MicroStrategy’s technique, stating, “DCA works.”
DCA refers to Dollar-Cost Averaging, a popular investment strategy that involves regularly purchasing a fixed dollar amount of an asset, regardless of its price, to reduce the impact of short-term volatility.
OpenCallCapital, a decentralized investing platform, shared an interesting perspective on MicroStrategy’s increasing Bitcoin holdings. It pointed out that MicroStrategy’s current ownership of 152,333 BTC represents about 0.725% of the total Bitcoin supply of 21 million.
OpenCallCapital raised concerns about the potential centralization of Bitcoin if institutional holders were to amass a significant portion of the supply. However, it stressed that despite ownership concentration, the decentralized nature of BTC’s underlying technology remains intact.
That is 0.0072539524 from the 21M total supply.. if the institutional bitcoin holders get the 80% Bitcoin supply it will become a controlled asset and centralize supply but the technology behind for transaction still in Decentralized.. @Bitcoin @binance @okx @coinbase @krakenfx… https://t.co/wZ6wVmhWim
— OpenCallCapital (@OpenCallCapital) June 28, 2023
Eric Weiss, a digital asset manager, hailed MicroStrategy’s strategic move as a blueprint for other companies to enhance their enterprise value.
“MicroStrategy has given every company the blueprint of how to 10x their enterprise value in less than three years,” Weiss remarked.
The news also sparked a debate regarding the potential future involvement of central banks. One American crypto enthusiast predicted that the US Federal Reserve would eventually announce its ownership of 2.8 million BTC, acquired at an average cost of $1,615,257 per Bitcoin, totaling around $4.52 trillion.
This hypothetical scenario raises questions about the long-term implications of central banks embracing Bitcoin and its potential impact on the market.
It is worth mentioning that despite MicroStrategy’s continuous Bitcoin stock-piling, the Chinese authorities hold more BTC than the firm, as The Crypto Basic disclosed in a report last year.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
