Microstrategy Bitcoin bet turns green as BTC price climbs to 10-month high
Michael Saylor, the co-founder of the Fortune 500 company, had maintained throughout the bear market that they would continue to invest in Bitcoin as they are confident in its fundamentals. Business intelligence and Fortune 500 company Micro strategy ’s Bitcoin (BTC) investment has turned green again as BTC broke past the critical resistance of around $29,000 to record a new 10-month high of $31,163. Microstrategy started investing in Bitcoin in the second quarter of 2020 when the BTC price was trading around $10,000. Since then, the business intelligence firm had made a series of BTC purchases over the period of two years. The firm has accumulated a total of 140,000 Bitcoin acquired for nearly $4.17 billion at an average price of $29,803 per BTC. MicroStrategy co-founder Michale Saylor introduced the Bitcoin strategy as a treasury hedging asset over the United States dollars. Apart from holding BTC personally and on the company’s balance sheet, Saylor also convinced several public...