- Software giant MicroStrategy, which bought over $ 1.3 billion of bitcoins in the last 6 months, took advantage of the bitcoin decline, and bought another $ 10 million worth of BTC at $ 31,808 each, increasing the total amount of bitcoin to 70,784 worth $ 2.27 billion.
Software giant MicroStrategy, which bought over $ 1.3 billion of bitcoins in the last 6 months, took advantage of the bitcoin decline, and bought another $ 10 million worth of BTC at $ 31,808 each, increasing the total amount of bitcoin to 70,784 worth $ 2.27 billion.
This is not the first time MicroStrategy has bought from the bottom. Before Microstrategy bought about $ 650 million worth of BTC in the final bottom, it proved that they were not only focusing on bitcoin, but increasingly investing in it.
MicroStrategy started buying Bitcoin towards the end of August last year. And it hasn’t stopped since then and is now among the top emerging institutions. The billion dollar company sees Bitcoin as a superior treasury reserve asset over cash and gold, and this was their primary reason for investment. Their investments doubled in 6 months as their decisions seemed to pay off.
MicroStrategy CEO Michael Saylor has turned into a big Bitcoin advocate who often shared his thoughts on Bitcoin’s superiority over traditional fiat and announced that they were early entrants and many more institutions would follow.
With the Bitcoin price pullback in the past 48 hours, many people worry about whether Bitcoin will hold its position above $ 30,000, but the top cryptocurrency has surpassed $ 32,000 and is currently looking to regain the $ 33,000 level. Many attribute the recent price drop to double-spending rumor, but whales and institutions do not seem too bothered by the on-chain metrics that suggest they are addressing this price drop.
The number of bitcoin wallets with more than 1000 BTC has reached an all-time high. Institutions seem to be waiting for another bull move from the bottom. As the liquidity in the exchanges dries up and the whales begin to drive their BTC away from the exchanges, the biggest cryptocurrency is preparing for another big move.