Trending
​
Top Tags

MicroStrategy has recently been converting significant amounts of its cash reserves to Bitcoin. In what is yet another in its Bitcoin investment streak, the publicly-traded company is in the news today after it purchased more of the crypto-asset. According to CEO Michael Saylor, the business intelligence firm has now bought an additional 262 Bitcoins for approximately $15 million at an average price of about $57,146 per Bitcoin. 

As of 12 March, MicroStrategy ‘hodls’ close to 91,326 Bitcoins, all of which have been acquired for roughly $2.211 billion at an average price of $24,214 per Bitcoin.

Needless to say, CEO Michael Saylor has been a crucial influence behind the company’s Bitcoin purchases. The CEO is a vocal maximalist and believes that someday, the price of Bitcoin will appreciate to an extent where the digital currency will come to have a “stabilizing influence on the entire global financial system.”

The Bitcoin bull also thinks that the asset is a better hedge than Gold against the risk of monetary inflation. He has often argued that companies must add Bitcoin to their balance sheets, instead of holding cash or precious metals, and bonds. According to him, crypto allows firms to generate greater long-term returns. 

This digital gold narrative is not restricted to the likes of Saylor or members of the crypto-community, however. The hedge theory has trickled down to entities such as BNY Mellon, Tesla, and several mainstream firms that have since decided to enter the Bitcoin market.  

It will be interesting to see how much more Bitcoin will MicroStrategy acquire under Saylor, given that to date some of his predictions have been rather accurate. For instance, the CEO once foretold that Bitcoin’s market cap would surge to a trillion dollars. Well, that happened.  

This article originally appeared on AMBCrypto.

On By Admin

You may also like

How Crypto Works?

One of the key aspects of the chain is its immutability. It is not possible to alter or delete transactions.

Why Is Crypto Down? The Truth.

Cryptocurrencies have experienced a significant decline in value over the past year. There are several significant reasons why the market has experienced such a downturn. Let's take a look the truth on why crypto is down.

Kraft Heinz CEO says people must get used to higher food prices

The head of food manufacturer Kraft Heinz says people must get used to higher food prices. According to Kraft Heinz CEO Miguel Patricio, the company is “raising prices, where necessary, around the world.” His comments follow a spike in energy and raw material prices alongside supply chain issues around the globe – prompting companies to increase prices.

Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change

Now, in case someone is still confused, none of these institutions, and not a single of the erudite officials running them, give a rat's ass about the climate, about climate change risks, or about the fate of future generations of Americans (and certainly not about the rising water level sweeping away their massive waterfront mansions): if they did, total US debt and underfunded liabilities wouldn't be just shy of $160 trillion.
There is something wrong with Feed URL