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MicroStrategy buys 271 more Bitcoin for $ 55,387

MicroStrategy filed a Form 8-k with the United States Securities and Exchange Commission for the purchase of 271 Bitcoins on May 13, 2021.

Michael Saylor, the President and CEO of MicroStrategy Inc (NASDAQ: MSTR), announced yesterday that the company bought 271 Bitcoins (BTC) at an average price of $ 55,387. As a result, the company accumulated 91,850 units of Bitcoins, approximately 0.437% of the current stock.

Meanwhile, the company is proud to have more than $ 2.241 billion in Bitcoin and expects to keep it in the long term. Previously, Saylor said he expected Bitcoin to turn gold into market capitalization and later on to move to the global money and debt market. In addition, he expects Bitcoin’s volatility to decrease significantly when the asset reaches $ 100 trillion of market capitalization, which will yield him an adequate reserve of value that is globally accepted.

The announcement coincided with a cryptocurrency fix that was triggered by Elon Musk’s announcement that the company will not accept Bitcoin payments due to environmental concerns.

MicroStrategy and its participation in BTC

After closing at $ 488.08 yesterday, down 9.93%, MSTR shares were trading around $ 500 at the time of the report. Notably, MSTR’s shares rose approximately 322.29% in the last twelve months, and added about 25.62% in the year, according to the market data analysis provided by MarketWatch. However, they fell by approximately 52.81%, 29.63% and 21.34% in the last three months, a month and five days, respectively, until Thursday.

In the past few months, there has been a direct correlation between MSTR’s shares and the market price of Bitcoin, thanks to significant exposure. In the past 52 weeks, MSTR’s shares have ranged between $ 110.24 and $ 1,315.00. The company has an informed market valuation of approximately $ 5.28 billion, with 7.62 million shares outstanding.

Saylor founded MicroStrategy in 1989 as a business intelligence company. Over the years, the company has provided its services to individuals, teams and organizations. With its vast information in the cloud, the company is able to make informed decisions that have proved profitable in the past.

Its long-term involvement in Bitcoin indicates that the cryptocurrency market has a notable moment and is likely to provide long-term profits.

However, major cryptocurrency investors have, in the recent past, differed from the blockchain’s network infrastructure.

With the main theme around energy consumption, environmental impact and economic impact. “We know that replacing gold as a store of value will help the environment”Said Mark Cuban, owner of the NBA’s Dallas Mavericks team and a crypto bull.

Bitcoin and the entire altcoin market had recovered from yesterday’s slump.

Source: Coinspeaker

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