Despite the fact that cryptocurrency and the idea of acquiring it, especially Bitcoin, are being shunned over in various capital-driven regions such as China, the adoption rate for the cryptocurrency has also been pretty great. El Salvador has become the first-ever country to introduce Bitcoin into its currency and financial streams as there also have been talks of paying workers salary in Bitcoin. Other than that, the adoption spree for Bitcoin has found its way towards various financial organizations, but none even come closer to accepting and tantalizing the fruits of Bitcoin as MicroStrategy has.
MicroStrategy is a business intelligence-based firm providing its clients with over-the-top solutions when it comes to Defi, cryptocurrencies, and blockchain systems. Since the very beginning, when Bitcoin was made available for the sake of trading, the firm has been buying it, and recently, it has more than $92k Bitcoins bought over time and when the market was at its lowest. Most of the purchases for Bitcoin by MicroStrategy has been commenced when the cryptocurrency was crashing; then why did they continue to do so all these years long? This is the question that might emerge at the very tip of your brain, shouldn’t they have stopped doing so as they saw markets and Bitcoin crashing.
MicroStrategy might be Launching a new Bitcoin Fund
Well, only MicroStrategy knows why they are up for Bitcoin purchase whenever the chance presents itself; maybe they will be launching a Bitcoin fund or some other financial scheme with it, but as of the moment, MicroStrategy’s sole focus is to buy more Bitcoin. Recently it approved $500 million in senior notes and taken debt for it over 6.125% annual interest, which was way too much, but still, MicroStrategy went for it.
Using that money, MicroStrategy bought an additional $13005 for about $498 million in cash for an average price per Bitcoin of $37617. This was in a tweet by the CEO of Michael Slayer. As Bitcoin continues to fall in terms of price and overall performance regarding the crypto market, it is assumed that MicroStrategy will be commencing another purchase down the road.