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Software giant Microstrategy has purchased more than $1 billion worth of bitcoins to bring its total cryptocurrency holdings to above $4.5 billion worth.
The company announced on Wednesday that it had acquired an additional 19,452 bitcoins at an average price of $52,475.
This brings the firmâs total holdings to 90,531 bitcoins, which altogether were bought at an average price of $23,985 per bitcoin. This means Microstrategy has more than doubled its investment, with the holdings are currently worth more than half of Microstrategyâs $7.84bn market cap .
Bitcoin is currently trading at around $50,000 after crashing from a new all-time high above $58,000 on Sunday, 21 February, however CEO Michael Saylor predicts that bitcoinâs price could rise 10-fold over the coming years.
Mr Saylor said the latest investment was part of a twin corporate strategy of growing its software business while simultaneously âacquiring and holding bitcoinâ in the expectation that its price will continue to grow in the long term.
âThe company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the worldâs most widely-adopted cryptocurrency, can serve as a dependable store of value,â he said.
âWe will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities⊠with the objective of using the proceeds to purchase additional bitcoin.â
Speaking to CNBC before the latest investment was announced, Mr Saylor said that he believed bitcoinâs market cap would rise $100 trillion â 10-times that of goldâs.
It is currently worth less than $1trn, having risen from below $100bn last March.
âBitcoin is going to flip gold, and itâs going to subsume the entire gold market cap,â he said.
âOnce it gets to $10 trillion, its volatility will be dramatically less. As it marches toward $100 trillion, youâre going to see the growth rates fall, the volatility fall, and itâs going to be a stabilizing influence in the entire financial system of the 21st century.â
Microstrategyâs announcement comes less than three weeks after Tesla revealed that it had ploughed $1.5bn of its cash assets into bitcoin.
Prior to the electric car makerâs announcement, Mr Saylor offered advice to Tesla boss Elon Musk on how to purchase such large amounts of bitcoin.
In a public Twitter exchange, Mr Saylor said the investment would be a â$100 billion favourâ to Tesla shareholders.
In other breaking Bitcoin News today:
Cardano Is Now A Top-Three Cryptocurrency As ADA Price Soars 27% In 24 Hours
Cardano Ada received a fresh wave of optimism and buying volume on Feb. 26 that pushed its price to a new all-time high of $1.49, making it the third-ranked cryptocurrency by market capitalization.Â
Data from Cointelegraph Markets and TradingView shows that Ada surged 27% from a low of $0.98 during the early trading hours on Feb. 26 to its new high at $1.49 on record trading volume.Â
Momentum for the project has been building throughout the month of February following the integration of the Mary upgrade to Cardanoâs testnet on Feb. 3. The upgrade enables smart contract functionality, helping transform the blockchain into a multiasset network similar to Ethereum.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
FACT: Any perceived âUtility valueâ for Gold adds nothing â while its being abandoned as money in favor of #Bitcoin In fact, itâs a primary reason why the market prefers BTC over Gold. BTCâs price-discovery is unencumbered by any perceived utility-value. Itâs just pure money. https://t.co/uduDVlAtoF
â Max Keiser (@maxkeiser) February 27, 2021
The Bullion Banks and Central Banks have been demonetizing Gold for decades. Into the mess strolled #Bitcoin Now the demonetization process is speeding up.
â Max Keiser (@maxkeiser) February 26, 2021
#Bitcoin Price is now $80,000 in Nigeria â a 60% premium.
Thatâs what happens when you try to ban something people want.
â Bitcoin Archive đđđ (@BTC_Archive) February 18, 2021