MicroStrategy Makes Another Significant Bitcoin Purchase
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MicroStrategy Makes Another Significant Bitcoin Purchase

May 19, 2021      Kavya Barua

MicroStrategy has made another significant Bitcoin purchase worth $10 million at a monetary value of $43.663 per coin. 

MicroStrategy Purchases Significant Bitcoin Worth $10M

Michael Saylor’s NASDAQ-listed firm, MicroStrategy purchased for approximately $2.25 billion at an average price of approximately $24,450 per token.

Saylor’s Tysons Corner, Virginia-based business is one of only a few to have Bitcoin on their balance sheets. Saylor has been a strong supporter of digital currencies, claiming that the Federal Reserve’s weakening of asset price policy contributed to his disregard for cash.

Saylor announced the latest significant purchase of Bitcoin on Twitter earlier on May 12 after Elon Musk announced that Tesla won’t accept Bitcoin payments for its electric vehicle due to environmental issues.

Michael Saylor Criticized Tesla’s CEO Elon Musk

CEO Michael Saylor played a key role against Tesla’s revocation, publicly throwing punches with Elon Musk on Twitter.

Despite being canceled by Bitcoiners, Musk explained that Tesla still had a Bitcoin stash after suggesting that the top coin could be removed from its balance sheet.

Bitcoin has been slowly retreating since Musk’s hosting gig on “Saturday Night Live” on May 8th, followed by Musk’s declaration that Tesla will no longer accept bitcoin as payment due to the “insane” amount of energy required to generate new coins and protect the network.

On May 8, Bitcoin traded above $59,000.

Bitcoin dropped from over $58,000 to a three-month low of $42,000 in a matter of days. Although losing $16,000 in value in less than a week can be considered a significant setback, and some investors sold their coins even at a loss, MicroStrategy has reaffirmed its commitment to continue purchasing bitcoin as part of its ‘reserve treasury strategy.’

On May 13th, the NASDAQ-listed company announced the purchase of 271 bitcoins. The company invested $15 million in cash and now has 91,579 bitcoin in that deposit.

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#Bitcoin #CEO of Telsa Elon Musk #Michael Saylor #MicroStrategy
Kavya Barua
Kavya Barua

Kavya Barua is in her final year of graduation from University of Delhi's, B.A (Hons) English program at Janki Devi Memorial College. She is an avid learner with a taste for advancements in crypto and Fintech. She is gaining interest in digital marketing and being a part of the organization where continuous growth and learning is assured and fulfilling the expectations of her knowledge and skills. She aspires to have a good career path with interest and ability to learn and deliver the results.