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Today, MicroStrategy, the business intelligence and software solution provider, announced the cash purchase of an additional 253 Bitcoin at an average price of $59,339 per coin, for a total of $15 million. With the recent purchase the company’s total Bitcoin holdings increased to 91,579 BTC with an estimated worth $5.40 billion. This is over $3 billion in profit considering the company had only spend roughly 2.226 billion to acquire these coins.
The company Chief Executive Officers and the best known ‘hodler’ on this planet, made the announcement on his Twitter page.
Just recently, on March 12, the company had already bought an additional 262 Bitcoins for approximately $15 million in cash.
Michael Saylor has evolved into a big-time Bitcoin proponent and even a ‘cult’ figure in the Bitcoin community if you can say so. He has influenced many other publically traded companies to invest in Bitcoin and is also credited for Tesla’s $1.5 billion Bitcoin purchase. Saylor said himself that he was the one to have convinced Tesla’s ‘Technoking’ Elon Musk to add the asset to its books.
The primary reason for the MicroStrategy to accumulate Bitcoin is simple. Saylor strongly believes that Bitcoin is a better hedge against monetary inflation than gold and that the assets price will appreciate over time and eventually reach a status where it effects are stabilizing on the entire global financial system.
While the purchase of $15 million constitutes a small portion of daily trading volume, undoubtedly the news contributed positively to the price of Bitcoin. The price jumped with 1.5% and BTC istrading at $59,745 at the time of writing and looks imminent to break thru the $60,000 mark in a big way.