MicroStrategy adds extra 205 Bitcoin worth $10m following the price drop

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Michael Saylor, CEO of MicroStrategy, today announced the recent million-dollar acquisition of Bitcoin by his publicly traded company on Twitter. According to the tweet, MicroStrategy bought an additional 205 Bitcoins worth $10 million in fiat at an average price of approximately $48,888 per BTC.

As of 5 March 2021, the company had purchased 91,064 bitcoins for approximately $2,196 billion. The announcement came four days after the firm’s last acquisition of Bitcoin on 1 March 2020. At the moment, MicroStrategy invested more than $15 million to purchase an extra 328 Bitcoins.

In the last few days, Bitcoin has been shuttling between $48,000 and $50,000. Because the firm once again purchased the crypto asset under the $50,000 mark, it seems that MicroStrategy has been waiting for the crypto price to dip in order to purchase more Bitcoin.

Some users on Twitter have commented that the firm is in a hurry to purchase more bitcoin and that if the company had more capital, it would spend it all on the acquisition of the asset.

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Speculation is not far from the facts, as the chief executive said earlier that the company will continue to buy Bitcoin, which they feel is an asset that can act as a “reliable store of value.”

Moreover, bulls are expecting Bitcoin to reach $100,000, and as some crypto enthusiasts have pointed out, MicroStategy could hold the asset in expectation of another rally.

At the time of the press, Bitcoin was priced at $48,067.28 and was down 3% in the last 24 hours.

 

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