MicroStrategy Buys 16,796 Bitcoins Worth $176M

MicroStrategy Buys 16,796 Bitcoins Worth $176M

By Abhi K | News | 16 Sep 2020


As revealed in a tweet posted on September 14, business intelligence company Microstrategy has bought an additional 16,796 Bitcoin (BTC), as CEO Michael Saylor changed his views on the asset.

  • The company acquired an additional 16,796 BTC for $175 million to boost its holdings
  • MicroStrategy purchased $250 million worth of Bitcoin on August 11; its total BTC holdings are now 38,250 BTC
  • Saylor believes that excess cash is no longer safe as it is and that only cryptocurrencies and stock buybacks serve as a good hedge
  • The CEO, who heavily criticized Bitcoin in 2013, admits that doing research on Bitcoin and cryptocurrencies has changed how he sees the asset
  • Saylor now firmly believes that Bitcoin is digital gold; he is not the only individual to rethink his views on cryptocurrencies - CNBC’s Jim Cramer now also views Bitcoin as better than gold

Abhi K
Abhi K

Technophile, cryptocurrency enthusiast and journalist.


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