Bitcoin Hits $50,000; Jumps 200% in 3 Months

Bitcoin hits a lifetime high of $50,000
  • Bitcoin hits an all-time high of $50,000 on February 16, 2021
  • Michael Saylor, CEO of MicroStrategy aims to raise an additional $600 Million to buy Bitcoins 
  • At present, MicroStrategy holds approximately 70,470 Bitcoins worth approximately $3 Billion

MicroStrategy on February 16, 2021, declared that it intends to raise an additional $600 Million to buy Bitcoin (BTC).

The MicroStrategy CEO, Michael Saylor tweeted that MicroStrategy intends to acquire additional bitcoin via senior convertible notes.

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MicroStrategy in their blog stated that the Bitcoin raising would be done through senior convertible notes. Senior debts are security that can be converted into shares. The notes will be issued to qualified institutional buyers, and its rules and regulations are yet to be finalized.

December 21, 2020: MicroStrategy purchased 29,646 Bitcoins for approximately $650.0 million. Later that day, Michael Saylor stated that MicroStrategy holds approximately 70,470 Bitcoins. Besides this, the company has also affirmed its eternal belief in Bitcoin as a dependable store of value.

Bitcoin Hits Massive $50,000

Post MicroStrategy’s decision to buy Bitcoin, the world’s largest cryptocurrency managed to hit another milestone. Bitcoin price surged over $50,000 for the first time on February 16, 2021. Moreover, the bullish rally of Bitcoin has continued to engage investors worldwide. 

Bitcoin surged over 170%, hitting $$29,000 by the end of 2020. However, the Bitcoin price jumped to $40,000 seven days later. It took only six weeks to breach the latest resistance. The massive surge in Bitcoin price was a result of significant institutions and companies like Elon Musk’s Tesla, Grayscale, Mastercard and many more adopting Bitcoin in one way or another. 

Undoubtedly, the world’s interest has significantly shifted to cryptocurrency and blockchain technologies. Now, it becomes important for Institutions to adopt cryptocurrencies.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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