The business intelligence firm recently added another batch of Bitcoin to its heavy pile. The company is one of the first institutional investors to get interested in Bitcoin in 2020. MicroStrategy has bought over a billion worth of crypto that has risen in value in the past few days. The investor made its first buy in August, linked to the pandemic’s effect on major investments like stocks and bonds.
The business’s Chief Executive Officer, Michael Saylor, continues to advocate the adoption of Bitcoin to both institutional and retail buyers. The entrepreneur organized a virtual conference concerning Bitcoin investments and shared the high turnout tout e event had before it commenced. The company, which has a high Bitcoin holding, bought $10 million more around the $47,000 range.
MicroStrategy’s Bitcoin holding worth $4.4 billion
The company now has around $4.4 billion worth of Bitcoin reserve, which grew within the past few months. When the business bought the assets, they were still much more affordable than it is currently. MicroStrategy purchased many of its BTC portfolios when it traded around $17,000.
The digital asset has been growing rapidly, helping long-term investors snatch more gains along the way, as it has moved from $17,000 to $58,000 in lesser than six months.
The firm’s chief executive shared this latest purchase news and revealed that the company bought 205 Bitcoin with $10 million. Saylor also said that the assets were purchased around the $48,000 frame, especially since the asset has been unstable the last few days.
Bitcoin had appreciated and depreciated numerous times this week, and investors are waiting for the asset to retake the $51,000 position that it lost to the bears. The purchase could mean that the digital asset would skyrocket soon as many buyers are buying rapidly as the price dips.
Saylor reveals firm’s current Bitcoin holding
MicroStrategy also made solid buys this year alongside Tesla. The cloud service provider bought Bitcoin worth $1 billion in February and is still buying more of the asset. When asked why MicroStrategy buys so much Bitcoin, Saylor explained that buying Bitcoin is part of its reserve procedures, meaning that it could cop more digital assets before the year ends.
Saylor’s advocacy continues to move far and wide as the entrepreneur revealed that he prefers Bitcoin to gold while warning gold investors to reduce their dependency on the asset. The businessman spoke at length concerning the yellow metal while mentioning that the metal did not hedge against inflation during the pandemic, eliminating its position as a value store.
MicroStrategy now has an impressive Bitcoin holding, as the firm holds 91,064 BTC due to their latest buy. It’s safe to note that the firm’s holding is worth around $4.4 billion but has purchased the asset for a cumulative value of around $2.9 billion, showing that it has made lots of profits with its holdings.
In August, the business had first bought over a billion-dollar worth of the digital asset before buying more. The purchases got the attention of the crypto space who monitored the firm’s extensive purchases.