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Crypto News: MicroStrategy Buys More Bitcoin, Now Holding 124,391 BTC

Microstrategy Buys More Bitcoin, Now Holding 124,391 BTC

MicroStrategy is a Nasdaq-listed company that has made a big splash by increasing its bitcoin holding. The company already had a great collection in its corporate treasury of bitcoins. But the recent purchase has leveraged their position in the cryptocurrency investor market. The current CEO of Micro strategy has expressed the desire that the price of the cryptocurrency will rise to a total of $6million. 

Microstrategy Buys More Bitcoin, Now Holding 124,391 BTC

Increase in Bitcoin holdings

The CEO shared further details of the purchase and the total holding of BTC. The acquiring price for 124,391 bitcoins was $3.75, with an average price that calculates to $30,159 per bitcoin.

At the time of purchase, there was a slight fall in the price of bitcoins. It resulted in a loss of 14% for the firm. The firms still have a bitcoin stash worth $5.9 million at the current rate. The CEO, Michael Saylor, has a personal collection of 17,732 bitcoins, who has affirmed his faith that the cryptocurrency will hit $6 million.

Aspirations on the future of bitcoins

Being a pro-bitcoin, the CEO has always felt that bitcoins will eventually replace gold. However, this dream may take to fructify as people across the spectrum are yet to fully accept the cryptocurrency concept before they move to invest in something virtual. Gold has always been the traditional form of investment, but the new age investment gurus have now leaned towards virtual investment options. Most probably, the volatility and not seeing the currency are some of the apprehensions holding people back in investing in cryptocurrency.

Microstrategy CEO has put in the monies and faith in bitcoin and has predicted that the bitcoins are here to stay and will be unstoppable in the future. He has forecasted that bitcoins will emerge as $100 trillion in the asset class. Regular currency has had inflation problems, which impacted people’s holding, but that isn’t the case with bitcoins.

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