Michael Saylor’s MicroStrategy invested around $347 million in Bitcoin

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MicroStrategy’s recent Bitcoin investment has taken the crypto space by storm. The company has been buying Bitcoin from April this year to June and has now emerged as the world’s largest corporate owner of Bitcoin.

In the recent investment, MicroStrategy invested around $347 million to buy 12,333 Bitcoin. The investment took place at an average price of $28,136 per Bitcoin. This recent buy-in pulled up the company’s holdings to a total of 152,333 Bitcoin, which was acquired at an average price of $29,668 per Bitcoin and amounted to $4.52 billion.

Saylor Took to Twitter to Announce his Recent Acquisition.

Michael Saylor of MicroStrategy took to Twitter to announce the company’s largest Bitcoin acquisition since 2021, when it had bought over 13000 Bitcoin at an average price of $37,615. Later in 2021, the price of Bitcoin almost doubled when it soared to nearly $70000.

Cryptocurrency billionaire- Michael Saylor is widely known as a Bitcoin enthusiast who has previously claimed crypto as ‘immortal’. In his Twitter, he has a pinned tweet from 19th September 2020 in which he posted- “Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy”.

It is refreshing seeing such a statement coming at a time when many are thinking if it is too late to buy Bitcoin.

What is MicroStrategy? 

Michael Saylor is an American entrepreneur, and the co-founder of an analytics and business intelligence firm called MicroStrategy. Initially, the firm began its operation as a software developer, which made applications for data mining. But in the year 1992, the firm won a $10 million contract from McDonald’s to develop a business intelligence tool, and since then, MicroStrategy has shifted its focus wholly to business analytics software.

What is MicroStrategy

Now the company has expanded its Bitcoin holdings to become the largest corporate owner of the world’s topmost cryptocurrency. Investors from the crypto space have noticed that Company’s latest purchase came a month after Saylor had predicted that Bitcoin’s market capitalization would go from 40% to 80%. The prediction was made keeping in mind the ongoing US regulatory crackdown on cryptocurrency.

Bitcoin’s Current Market Standing

Bitcoin’s share has only gone up to 48%, but Saylor is confident about his speculation of Bitcoin doubling its market share. He believes that the coin will go on to 10x from here.

Bitcoin’s current market capitalization is around $594 billion. At the time of writing this article, Bitcoin is trading at $30,550, with a growth of 1.3% in the last 24 hours. In this year alone, the token has seen a growth of more than 80% in its price.

Bitcoin’s Current Market Standing

Bitcoin’s performance enabled MicroStrategy to enjoy its first profitable quarter in 2023, which was due for more than two years. The company’s CFO had asserted that it will continue its Bitcoin strategy as the digital assets will continue to grow. So, we may see a positive action in Bitcoin price due to the recent move by Microstrategy.

How this Investment will Impact Bitcoin?

The investment already had a visible impact on Bitcoin. The coin was barely above $30,000 until the third week of June and now rallying over 21.2% at $30,550.

Meanwhile, Twitter is divided into two sentiments following Saylor’s investment announcement. The optimist thinks that this huge Bitcoin investment will ignite a bull run and drive up Bitcoin’s price to around $35,000.

While others think that holding such a huge number of Bitcoin is undermining the ideas of cryptocurrency as a decentralized medium and will cause scarcity which will make it unaffordable for the common masses, however, if MicroStrategy started selling the Bitcoin off, it might drop the price of the token too.

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