After investing an additional US$650 million in the largest cryptocurrency by market capitalization, MicroStrategy has become the fifth largest Bitcoin holding institution with 70,470 bitcoins, currently worth more than US$1.6 billion. More than the 69,420 previously seized by the US Department of Justice from the "Silk Road" black market.
source : img
MicroStrategy CEO Michael Saylor said that the acquisition once again confirmed the company's belief that Bitcoin is a reliable store of value.
After MicroStrategy made its initial investment in Bitcoin, it has already made millions of dollars in profits. Bitcoin remains one of the most promising investments, as Christopher Wood, head of global equity strategy at Jefferies, a US investment bank, confirmed this.
Similarly, strategists at JP Morgan Bank also confirmed that Bitcoin is currently overbought. They explained that the amount of BTC flowing into the Grayscale Bitcoin Trust is too large to allow momentum traders to close their positions, resulting in continued negative price dynamics.
MicroStrategy first purchased Bitcoin in August, and purchased 21,000 BTC at a price of 250 million. They stated at the time that they would use Bitcoin as a reserve currency to hedge against the U.S. dollar. After that, they bought another $425 million in BTC in September.
MicroStrategy CEO Michael Saylor also encouraged Tesla founder Elon Musk to use Bitcoin instead of the US dollar as Tesla's main reserve currency.
