Vote for Cryptopolitan on Binance Square Creator Awards 2024. Click here to support our content!

MicroStrategy remains resilient, buys 1,434 more Bitcoin

In this post:

TL;DR Breakdown

  • MicroStrategy buys 1,434 more Bitcoin.
  • Firm now holds 122,478 BTC.
  • Saylor calls BTC world best reserve currency.

The ever-willing corporate crypto investor, MicroStrategy, has again cemented its place as the biggest corporate crypto investor in the world.

Headed by crypto ‘bigot’ Michael Saylor, the business intelligence firm has staked $82.4 million more in Bitcoin, couponing 1,434 BTC into its purse.

Michael Saylor, one of the most prominent Bitcoin advocates, who is also the founder and CEO of MicroStrategy, announced the latest purchase earlier on December 9th.

Its recent 1,434 BTC cost the firm around $57,500 per bitcoin. This means that the purchase was made most likely last week since BTC’s price has been stuck below $50,000 ever since the Saturday crash.

MicroStrategy now hodls 122,478 BTC

Weeks back, the firm announced that it has purchased 7,000 Bitcoin at over $414 million.

Read Also  Elon Musk-inspired investors use memes as trading strategies

The firm’s total stash is now 122,478 Bitcoins, which were acquired for $3.66 billion at an average price of just under $30,000. With BTC’s price slightly trading below $50,000, MicroStrategy’s entire BTC portfolio is now worth over $6 billion.

Bitcoin, world reserve asset – Saylor

Previously, MicroStrategy CEO Michael Saylor has said that Bitcoin is the best inflation hedge and world reserve asset better than the US dollar.

Saylor believes that bitcoin is the world reserve asset, whereas the dollar is the world currency. That’s the main distinction between the two.
While saying this, he reiterated that MicroStrategy will likely “hold forever.”

Speaking on inflation, he said that bitcoin would provide the best hedge against inflation.

“There’s going to be volatility, but it seems to me that now we have universal acknowledgment that the world needs an inflation hedge,” he said. “So if you have bitcoin, don’t sell it.”

In August 2020, the firm made its first Bitcoin purchase of around $250 million. Before their first purchase, the firm told shareholders that fiat was no longer a safe asset hence the need for Bitcoin. Weeks after the firm’s first Bitcoin purchase, they bought more Bitcoin worth $175 million.

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Share link:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Editor's choice

Loading Editor's Choice articles...

Stay on top of crypto news, get daily updates in your inbox

Most read

Loading Most Read articles...
Subscribe to CryptoPolitan