MicroStrategy Buys Another 660 Bitcoins

MicroStrategy Increases their total Bitcoin holdings to 125 051, following a purchase of an additional 660 bought in the last few days. When will they stop buying Bitcoins, critics asks.

Why Do MicroStrategy Buy So Much Bitcoin?
Nasdaq-listed software company, MicroStrategy has added 660 more bitcoins to its collection bringing its total cryptocurrency holdings to 125,051 BTC. MicroStrategy’s CEO Michael Saylor said that part of their balance sheet strategy to raise revenue or invest excess cashflows has always been to purchase cryptos and hold them, while the operating strategy was to sell enterprise solutions.

Michael Saylor is a Bitcoin-enthusiast and he remains unfazed by Bitcoin’s volatility. In an interview with CNBC, Michael said that he had never seen anything as unstoppable and compelling as Bitcoin in his career. That is what fueled the company’s purchase of the 660 bitcoins during the dip.

In the first nine months of 2021, MicroStrategy bought $2 billion worth of BTC. MicroStrategy’s obsession with Bitcoin was further reiterated by MicroStrategy’s chief financial officer, Phong Le, who said that they would keep purchasing BTC and they had no intentions of selling it.

What is MicroStrategy’s Total Holding?
On February 1st, 2022, Michael Saylor announced that his firm had bought 660 more BTC with each BTC going for an average of $37,865. This purchase brought the total BTC that MicroStrategy holds to 125,051 which is valued at about $3.8 billion.
This is the MicroStrategy’s second major buy in just two months. In December 2021, the firm bought another 1,914 Bitcoins at $94 million when BTC was trading at about $46k.

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After the Price Decrease, Will the Bank Take Collateral Anytime Soon?
The question that many crypto investors are asking themselves is, why did MicroStrategy make the purchase though? The answer is quite easy – the recovering crypto market. When BTC was at its lowest price, many whales were enticed to buy the dip. But other big wallet purchasers waited for guaranteed profits.

Therefore, as the value BTC began increasing this week, they opted to jump in to make sure that they didn’t experience any losses in the short run. Although they borrowed a lot, it seems like MicroStrategy won’t be making any losses because BTC has recently shown impressive signs of returning to its bullish trend.

How much BTC Does Michael Saylor Own Personally?
According to Markets Insider, Michael Saylor owns not less than 17,732 BTC which are valued at an estimated $866 million. He has never sold his BTC and he believes that nobody should sell their BTC. This is because he predicts that BTC’s price will attain a value $6 million.

What is the Potential for Bitcoin?
Bitcoin attained an all-time high of $69,000 in 2021 but has dropped since. The token experienced a downtrend that lasted weeks, which saw it reach its lowest price in 6 months. After reaching $33,000 in January 2022 (the lowest since July 2021), the digital token has slightly recovered and is currently worth about $37,000. Rumors that the US government had plans to regulate the industry greatly triggered the sell-off that was experienced in 2021.

Even with the price drop, BTC is still more valuable than it was a few years ago. Many crypto experts have predicted that the value of BTC will hit the $100,000 mark in 2022. Over the years, BTC has shown a gradual increase in its value more than any other crypto in the crypto space. It’s only reasonable for BTC investors to wonder how high the token can go.