MicroStrategy Doubles Down on Bitcoin, Buys 20,356 Coins

Business intelligence software provider MicroStrategy has made a significant move in the cryptocurrency market by acquiring 20,356 bitcoins at an average price of $97,514 per coin. This strategic acquisition comes as the company continues to diversify its investment portfolio and capitalize on the growing potential of digital currencies.

The purchase, which was announced on September 14, 2021, brings MicroStrategy's total bitcoin holdings to 114,042 bitcoins, valued at approximately $5.8 billion at the time of the announcement. This represents a significant investment for the company, which has been increasingly focusing on bitcoin as a store of value and a hedge against inflation.

MicroStrategy's CEO, Michael Saylor, has been a vocal advocate for bitcoin, praising its decentralized nature and potential for growth. In a statement, Saylor expressed his confidence in the cryptocurrency, stating that "Bitcoin is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash."

The company's latest acquisition comes amidst a period of volatility in the cryptocurrency market, with bitcoin's price fluctuating between $40,000 and $60,000 over the past few months. Despite the volatility, MicroStrategy remains committed to its bitcoin strategy, viewing the cryptocurrency as a long-term investment with significant upside potential.

MicroStrategy's bitcoin acquisition is part of a broader trend among corporations and institutional investors increasingly embracing cryptocurrencies. Companies such as Tesla, Square, and Marathon Patent Group have all made significant investments in bitcoin, recognizing its potential as a new asset class and a hedge against inflation.

As the cryptocurrency market continues to evolve, MicroStrategy's strategic acquisition of 20,356 bitcoins serves as a testament to the company's commitment to innovation and its belief in the long-term potential of digital currencies. By diversifying its investment portfolio and embracing the growing potential of bitcoin, MicroStrategy is positioning itself as a forward-thinking company in the rapidly changing landscape of the global economy.