The CEO of MicroStrategy announced that his company recently purchased 5,050 BTC bringing its total Bitcoin holdings to 114,042 BTC. They had invested USD 3.16 billion until September 13th, but their capital has grown to around USD 6.7 billion.
MicroStrategy has doubled its capital since it first invested in Bitcoin, for which it has paidUSD 3.16 billion. The firm ran by Michael Saylor remains positioned as a leader in the Bitcoin space.
The CEO of business intelligence company MicroStrategy started buying the pioneering cryptocurrency in August 2020. At the time, he thought it was better to keep the cryptocurrency on the balance sheet rather than in cash.
Anthony Pompliano said that people would see the success of MicroStrategy in the rise in the price of Bitcoin. According to theentrepreneur and investor, the expansion of their balance sheets would reflect that growth.
MicroStrategy Continues to Increase Its Bitcoin Holdings
In late August, MicroStrategy invested USD 177 million in 3,907 BTC, bringing its total holdings to 108,992 BTC at the time.
Similarly, Michael Saylor recently decided to continue buying the cryptocurrency and including it in its balance sheet. The CEO of MicroStrategy announced that his company made another multi-million-dollar investment in Bitcoin. He said that they purchasedan additional 5,050 BTC for about USD 242.9 million in cash.
Before making the announcement, Saylor said that the quieter a person goes, the further they reach. The purchase brings the total Bitcoin holdings of the business intelligence firm to 114,042 BTC.
MicroStrategy Doubles Its Investment in Bitcoin
The MicroStrategy company has beenearning huge profits from its investments in Bitcoin.
Until September 12th, MicroStrategy had approximately 114,042 BTC, which they acquired for USD 3.16 billion. Therefore, the investment is now worth around USD 6.7 billion.
MicroStrategy owns more Bitcoin than any other publicly-traded company worldwidebut does not have any plans to sell. No one knows whether or when other large firms will follow their steps.
In that regard, the president of ProChain Capital, David Tawil, said that companies owning cryptocurrencies should become commonplace.
Michael Saylor’s company seems to have benefited from the excitement at the likely launch of Bitcoin ETFs. Besides, the overall value of its holdings of the pioneering cryptocurrency has increasedsignificantly.
Michael Saylor Does Not Think Bitcoin Is a Good Means of Payment
In February, Saylor said that the volatility of the price of Bitcoin did not worry him as he does not consider it a short-term investment. He expressed that he saw it as an investment of at least ten years and believes its trend over long periods is bullish.
He thinks that the primary function of Bitcoin is to be a store-of-value asset. Besides, he believes that it is a means to transfer large amounts of money across borders. Those two activities make sense due to the security and low costs on the BTC chain.
However, he stressed that he did not see Bitcoin as an effective means of payment due to its slow transactions. For that reason, he prefers to use fiat money and traditional solutions such as credit and debit cards to purchase products.
By Alexander Salazar
