Microstrategy invests another $10 million in Bitcoin
Microstrategy has made a new Bitcoin purchase: a whopping 229 BTC for about $10 million, at an average price of $43,663 each.
This was announced by CEO Michael Saylor on Twitter:
MicroStrategy has purchased an additional 229 bitcoins for $10.0 million in cash at an average price of ~$43,663 per #bitcoin. As of 5/18/2021, we #hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per bitcoin. $MSTRhttps://t.co/fU6LN4WbKI
— Michael Saylor (@michael_saylor) May 18, 2021
In practice, Microstrategy has taken advantage of the bargain prices. Bitcoin has seen a sharp drop in price in recent days, dropping from an all-time high of $65,000 to below $43,000. These days, according to CoinMarketCap, it is struggling to hold the $45,000 mark.
While this has discouraged many investors from selling in droves, it has encouraged Microstrategy and its CEO to take advantage of the opportunity to make a further investment in Bitcoin.
With the new purchase, Microstrategy now holds 92,079 bitcoin, worth $2.2 billion, purchased at an average price of $24,450 per Bitcoin.
Microstrategy and Confidence in Bitcoin
Michael Saylor therefore remains extremely confident about Bitcoin. Indeed, since announcing in August 2020 that he would adopt BTC as his primary reserve for Microstrategy, he has practically embarked on a mission to spread Bitcoin among corporations in particular.
For Michael Saylor, Bitcoin cannot be considered merely a risk. That is why, before announcing his latest purchase, he quoted Denis Waitley, one of the best-known motivators in the United States:
“Life is inherently risky. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing”.
After all, Microstrategy seems to make no distinction with respect to market trends when investing in Bitcoin. The last purchase was made just a few days ago, when Bitcoin was worth $55,000 for an investment of $15 million.
Michael Saylor has not been fazed by Elon Musk’s tweets either and actually seems to go against the trend, showing that he believes in the Proof of Work consensus algorithm, given the security it provides.
“The Bitcoin Proof of Work architecture anchors the crypto-asset network physically & politically to the firmament of reality, driving ferocious competition in the marketplace to decentralize, improve, & secure the network, thus assuring vitality & integrity over time”.
And these words are enough to justify yet another investment in Bitcoin by Microstrategy.