Bitcoin is riding high, with its price comfortably above $93,000 and showing signs of steady growth. In just the past 24 hours, the market has seen a solid 1.3% rise. But while Bitcoin investors are celebrating these gains, one company is making headlines for its massive bet on the digital currency.
MicroStrategy, known for being the largest holder of Bitcoin among public companies, has just made its biggest purchase yet.
Keep reading to find out more.
On November 18, MicroStrategy purchased at least 51,780 BTC at an average price of $88,627 each. The company spent at least $4.6 billion for the purchase. With the recent purchase, the total BTC holdings of MicroStrategy has soared to at least 331,200 BTC, worth at least $30,837,038,400.
This purchase is significant because Bitcoin’s price had been steadily rising. On the morning of November 18, Bitcoin was priced at $89,831.11, and since then, it has risen by more than 3.5%.
MicroStrategy first entered the Bitcoin market on August 11, 2020, purchasing 21,454 BTC. At the time, the market barely reacted, and Bitcoin’s price fell slightly from $11,682 to $11,579 by the end of the day.
Four months later, on December 21, 2020, the company made another large purchase of 29,646 BTC. While Bitcoin’s price went up from $23,518 to $23,795, the market still didn’t respond strongly to the news.
Going All-In on Bitcoin
In February 2021, when Bitcoin’s price crossed $50,000, MicroStrategy bought 19,452 BTC for around $1 billion. However, just 24 hours after the purchase, Bitcoin’s price fell by nearly 3.5%.
The victory of Donald Trump in the 2020 U.S. presidential election gave a boost to the crypto market. From November 5, Bitcoin surged by over 36.83%. During this period, when Bitcoin’s price fluctuated between $72,000 and $80,000, MicroStrategy bought more than 27,200 BTC. Over this time, Bitcoin saw an 11.14% increase in value.
With each new purchase, MicroStrategy is proving that its faith in Bitcoin’s potential is unshakable, even in a volatile market.
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