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October 4, 2022
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MicroStrategy buys an additional 205 BTCs for $ 10 million during Bitcoin price drop

MicroStrategy continues to buy Bitcoin!

MicroStrategy CEO Michael Saylor today announced the latest Bitcoin purchase from his publicly traded company on Twitter. According to the tweet, MicroStrategy purchased 205 additional Bitcoins valued at $ 10 million in fiat, at an average price of approximately $ 48,888 per BTC.

On March 5, 2021, the company held 91,064 Bitcoins acquired for about $ 2.196 billion. The announcement comes four days after the company’s last Bitcoin purchase on March 1, 2020. At the time, MicroStrategy spent about $ 15 million to buy an additional 328 BTCs.

In the past few days, Bitcoin has been moving between $ 48,000 and $ 50,000. Once the company re-purchased the crypto asset below the $ 50,000 mark, it seems that MicroStrategy seems to have expected the price of the cryptocurrency to drop to acquire more Bitcoin.

Some Twitter users commented that the company is in a hurry to buy more Bitcoin and that, if the company had more money, it would spend everything on acquiring the asset.

Speculation is not far from the truth, as the chief executive said earlier that the company would continue to buy Bitcoin, which they believe is an asset that can serve as a “reliable store of value”.

In addition, the bulls expect Bitcoin to reach $ 100,000 and, as some cryptocurrency enthusiasts have noted, MicroStategy may be accumulating the asset in anticipation of another high.

So far Bitcoin was trading at $ 48,067.28 and has dropped 3% in the last 24 hours.

Source: AMBCrypto

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