Software giant MicroStrategy has announced yesterday that it has bought another $15 million worth of Bitcoin for the price of $59,389 each. With this newest addition, MicroStrategy now owns 91,579 bitcoins.
The CEO of the company, Michael Saylor, made the announcement via Twitter, only days after people started to talk exactly about the fact that MicroStrategy hasn’t invested in any BTC lately.
Starting with August 2020, MicroStrategy has made several Bitcoin investments. It is one of the first big investors as it can be seen from the profit made with Bitcoin – at the current price, the company has Bitcoin worth more than $5.29 billion.
The idea of using Bitcoin as a treasury hedge was started by Michael Saylor after he noticed the declining value of the US dollar and the bond market. Saylor went on to try and convince other Fortune 500 companies to add BTC to their list.
Saylor has recently estimated that around $25 billion are expected to flow into the Bitcoin market from institutional investors. He has also denied that the company plans on selling its Bitcoin, declaring: “My loyalty to Bitcoin is forever.”
It was also revealed that the company plans to continue buying Bitcoin.