MicroStrategy Invests $1 Billion Into Bitcoin
-Corporate backer of Bitcoin, Microstrategy has invested $1 billion in Bitcoin to purchase $19452
-The company bought the cryptocurrency on Wednesday at an average price of $52,765 each
-Bitcoin price recently reached record high due to investments from major firms before dipping yesterday
Corporate backer of Bitcoin, Microstrategy has reportedly invested over $1 billion into the cryptocurrency.
The company announced that it purchased 19,452 bitcoin which sent its market shares higher by 8 percent.
The CEO of the company, Michael Saylor has kept no secret about his love for the coin. He stated that the purchase was made at $52,765 each.
Microstrategy is a company that provides intelligence for businesses and develops software.
The company has been steadily purchasing Bitcoin since making its first purchase in August 2020.
Bitcoin price has been on a steady increase in 2021 due to investments from giant companies like Tesla and Mastercard.
Square Inc Chief Executive Jack Dorsey also reiterated the company’s commitment to Bitcoin.
Microstrategy’s steady accumulation of Bitcoin has resulted in the company owning close to 90,531 bitcoin, purchased at an average price of $23,985 per Bitcoin.