Tech Company MicroStrategy Continues to Accumulate Bitcoin
Tech company MicroStrategy has increased its Bitcoin holdings to 174,530 BTC, with a value of approximately $6.6 billion. MicroStrategy founder and chairman, Michael Saylor, announced in a tweet that the company recently purchased an additional 16,130 BTC for $593.3 million. This brings their total spending on the cryptocurrency to $5.28 billion.
MicroStrategy’s Bitcoin Journey
MicroStrategy initially bought Bitcoin in August 2020 during the COVID-19 pandemic, viewing it as a hedge against inflation and a strategy to maximize shareholder returns. Since then, the company’s stock has risen by 238%, attributing this success to their “Bitcoin standard.” Saylor believes that investing in MicroStrategy stock offers investors exposure to cryptocurrency.
Bitcoin’s Superiority and Other Companies’ Interest
Saylor has consistently expressed his belief that Bitcoin is a superior asset compared to real estate and gold. He considers it a dependable store of value with long-term appreciation potential. Other companies have followed suit, including Tesla, which holds 9,720 BTC worth $366 million.
Hot Take: MicroStrategy Leading the Way in Corporate Bitcoin Holdings
MicroStrategy’s continued accumulation of Bitcoin showcases its confidence in the digital asset as an investment strategy. With its substantial holdings and successful stock performance, MicroStrategy is leading the way for other companies considering diversifying their assets with cryptocurrency.
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