CEO Michael Saylor, one of the most outspoken Bitcoin backers in the ecosystem, revealed today that his firm, MicroStrategy, has acquired more Bitcoin. The publicly traded software company purchased an additional 253 bitcoins for a cool $15 million in cash at an average price of $59,339 per Bitcoin.
MicroStrategy has roughly 91,579 Bitcoins as of 5 April, which the non-crypto firm acquired for $2.226 billion at an average price of $24,311 per coin.
The development comes after the business intelligence firm bought an additional 262 Bitcoins for approximately $15 million on 12 March.
A primary reason why the firm continues to accumulate Bitcoin stems from Saylor’s own ideas about the future of Bitcoin. According to the CEO, BTC prices will appreciate over time and will eventually morph into a “stabilizing influence on the entire global financial system.”
Saylor has always believed that Bitcoin is a better hedge than Gold against the risk of monetary inflation and has often argued that companies must add the crypto asset to their balance sheets, instead of holding cash, in order to generate greater long-term returns.
In terms of the impact of the company’s investment decision on the asset’s price, BTC is trading at $58,006.57 at press time and the price has been up by 0.5% in the past hour.
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