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•The company holds a total of 90,279 bitcoins which were acquired at $2.251 billion.
• BTC’s price level has dropped by more than 10% since Elon Musk’s tweet.
•People are taking advantage of BTC’s slump and buying more crypto.
In a recent tweet, Michael Saylor has announced that MicroStrategy has purchased an additional 229 bitcoins worth $10 million at an average price of $43,663 per bitcoin.
MicroStrategy Currently Holds 90,279 BTC Tokens
MicroStrategy is the largest independent publicly-traded business intelligence firm, with the leading enterprise analytics solutions. MicroStrategy provides modern analytics on an open, comprehensive enterprise platform used by many of the world’s most admired brands in the Fortune Global 500. Founded in 1989, Michael Saylor is the Chairman and CEO of MicroStrategy. The company hodls a total of 90,279 bitcoins acquired at $2.251 billion and an average price of $24,450 per bitcoin.
How Bitcoin’s Slump has Benefited Companies
However, in a tweet by Michael Saylor back in April, he explained why he thinks that bitcoin is a revolutionary asset. He also believes that bitcoin is the most powerful and disruptive technology of all time.
Saylor announces at a time when price levels of BTC are insinuating a drop. In a series of tweets, Elon Musk expressed that the energy requirements of BTC mining are insane. Hence, Tesla won’t be accepting cryptocurrency anymore. Soon after the tweet, BTC’s price level fell by 10%. Institutional investors started to dump, and outflows amounted to a massive $98 million.
However, many companies took advantage of BTC’s plummet. Cathie Wood, head of Ark Investment Management and another major crypto company, bought Coinbase shares as soon as it started to slump.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
