MicroStrategy is without question the Bitcoiner of the year. As an institutional investor, the company is rather open to new financial technologies. Earlier this year, it made two investments in Bitcoin. Now she bought another batch at a close price ATH.
MicroStrategy shows its confidence in Bitcoin
In the past, MicroStrategy has been buying bitcoin on two separate occasions. Both took place in 2020. The first time was in August, when Bitcoin was around 11,000. dollars. The currency soared more than $ 300 in about a week of purchase, which might not seem like much at first. The company then bought the cryptocurrency for over 250 million, so 300 dollars on each Bitcoin, already then increased the company’s value by millions of dollars.
However, MicroStrategy has proven its intention to HODL its reserve funds. Despite a drop of more than $ 1,000 a month later in September, the company bought more Bitcoins worth $ 175 million. In total, the company invested more than $ 400 million, which is about the same as the Mt. Gox in 2014.
It turned out that Microstrategy in cryptocurrencies it was serious. Especially considering that September showed a relatively bearish sentiment among investors. Ultimately, however, it turned out that Bitcoin remained at around $ 19,000. That means MicroStrategy made about $ 9,000 on every coin purchased three months ago.
A great decision from Microstrategy
There is no doubt that the company earned a lot of money thanks to its decision. Now CEO Michael Saylor announced another purchase BTC for $ 50 million. Microstrategy has grown to become one of the biggest BTC hodlers and it looks like it’s not going to fall off the podium.
MicroStrategy has purchased approximately 2,574 bitcoins for $ 50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $ 19,427 per bitcoin. We now hold approximately 40,824 bitcoins.https://t.co/nwZcM9zAXZ
– Michael Saylor (@michael_saylor) December 4, 2020
After all, Michael Saylor’s CEO is very pro-bitcoin. He has repeatedly praised the oldest cryptocurrency and talked about the trust he has in it. He even claimed that he trusted her more than gold and traditional money.
Given the price we have to pay for Bitcoin at this point, the company is likely betting that the currency will start the bull raid again in the near future.