MicroStrategy, the business intelligence firm led by CEO Michael Saylor, has made another significant move in the crypto space. On March 18, 2024, the company announced the acquisition of an additional 9,245 bitcoins, valued at approximately $623.0 million.
Read CRYPTONEWSLAND onThis purchase was made using proceeds from convertible notes and excess cash, at an average price of around $67,382 per bitcoin. With this latest acquisition, MicroStrategy now holds a staggering 214,246 bitcoins in its treasury, acquired for approximately $7.53 billion, at an average price of $35,160 per bitcoin.
Michael Saylor’s unwavering advocacy for Bitcoin has been evident for many years. He views Bitcoin as the epitome of financial freedom and has consistently advocated for its adoption. Despite the recent dips in the Bitcoin market, Saylor remains steadfast in his belief, doubling down on his investments during historic downturns.
This latest acquisition by MicroStrategy represents a significant milestone, as it now officially owns over 1% of the total 21 million bitcoins that will ever be issued. More so, MicroStratrgy’s total holding also means that it owns more BTC than the government of China (194,000 BTC) and the government of USA (210,000 BTC).
Saylor’s commitment to cryptocurrency is underscored by this bold move, especially amidst recent market volatility that saw $663 million liquidated in the past 24 hours. While many traders succumbed to fear and panic selling during the recent market dip, Saylor’s decisive action to buy further reinforces his leadership in the crypto community.
His strategy serves as a testament to the effectiveness of dollar-cost averaging, emphasizing the importance of focusing on long-term value rather than short-term price fluctuations.
As Saylor continues to advocate for Bitcoin and demonstrate his unwavering commitment to the asset, his actions serve as inspiration for investors and traders alike, highlighting the resilience and potential of cryptocurrency in the financial landscape.
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