In a bold move, business intelligence firm MicroStrategy recently purchased an additional $600 million Bitcoin, bringing their total to 1% of the world’s supply. This marks a significant milestone and affirms the company’s strong belief in the future of digital currencies.
Headed by Michael Saylor, MicroStrategy’s latest acquisition was funded through $500 million worth of convertible bonds issued by the company. As a result, the firm now holds an impressive 214,245 BTC, valued around $13.6 billion.
This substantial investment includes an additional 9,245 BTC worth $623 million, giving them a total of 105,085 BTC, worth around $3.6 billion. Until now, they’ve invested a total of $2.74 billion in Bitcoin, reaping significant returns thanks to its rising value.
Despite a temporary flash crash in Bitcoin’s value after this announcement, it quickly recovered, once again demonstrating its inherent volatility. However, MicroStrategy remains unwavering in their strategy, with their sights set firmly on long-term digital currency growth.
Even when Bitcoin’s value fell by 80%, it bounced back to its usual $67,000 level. Critics see this as proof of its stability and robust market presence. Despite such unsettling fluctuations, industry experts emphasize the long-term growth potential of Bitcoin.
According to Saylor, divesting from Bitcoin would be counterproductive. As Bitcoin rises to a trillion-dollar asset status, Saylor believes it would go against their strategic exit plan to swap this profitable investment for ones with lower returns.
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Author: Stephanie Jones
