MicroStrategy Deepens Its Crypto Bet With Another $240 Million Spent On Bitcoin

MicroStrategy Deepens Its Crypto Bet With Another $240 Million Spent On Bitcoin

“MicroStrategy has stuck to its bitcoin strategy through thick and thin. At this point, every dip seems to be a buying opportunity for the firm, which has completely thrown its weight behind bitcoin. Its CEO Michael Saylor is a maximalist that believes the future is bitcoin. MicroStrategy has been upping its bitcoin investment through the year, garnering a stash of over 100K bitcoins. Even now, the firm continues to straighten its position in the digital asset. CEO Michael Saylor announced that the firm had bought another 5,050 bitcoins, bringing the total assets held by the company to approximately 114,042 bitcoins. The 5,050 bitcoins were bought for around $242 million, with an average price of $48,099 per BTC. This brings the total amount of the digital asset held by the firm to $3.6 billion. All are gotten at an average price of $27,713 per coin. MicroStrategy has purchased an additional 5,050 bitcoins for ~$242.9 million in cash at an average price of ~$48,099 per #bitcoin. As of 9/12/21 we #hodl ~114,042 bitcoins acquired for ~$3.16 billion at an average price of ~$27,713 per bitcoin. $MSTRhttps://t.co/2ESbTy6ad7 — Michael Saylor⚡️ (@michael_saylor) September 13, 2021 Related Reading | Cathie Wood Reiterates $500K Bitcoin Call, Reveals Ethereum Rebalancing MicroStrategy has refused to sell off its crypto holdings at any point. Crashes seem to not phase the firm as they invest even more into the asset with every price dip. This latest acquisition goes to show their commitment to the long-term growth of bitcoin. Saylor also has both personal and institutional interest in the asset and is one of the most vocal corporate supporters of the digital currency. MicroStrategy Making All The Right Moves MicroStrategy has now seemingly abandoned traditional assets in favor of investing in bitcoin. A report from Bitcoinist shows where the firm would be profit-wise had it opted to invest in one of the most well-known traditional investments, gold, instead of investing in bitcoin. Since bitcoin has consistently outperformed gold by at least 200% year over year for the past couple of years, MicroStrategy’s investment would have way less in the way of return. Or as the report shows, the firm would be recording losses at this point. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Comparisons between the digital asset and gold from March to June 2020, the time period when the firm first invested in bitcoin, shows what the current value of the investment would be. MicroStrategy had put about $2 billion into its bitcoin investment, which presently has appreciated over 376% in the span of a year. On the other hand, had the firm put this $2 billion into a traditional asset like gold, it would have lost 80% of its total value. This is because gold has given negative returns on investment in the past year. Thus any investment in the asset would result in a loss. The success of MicroStrategy’s bitcoin investment has also bolstered the company’s standing profit-wise. Not only is its investment outperforming gold, but the company itself has also outperformed gold in the market. BTC price above $46,000 | Source: BTCUSD on TradingView.com MicroStrategy’s shares have appreciated 428% in the year following the launch of its bitcoin fund. Outperforming both the NASDAQ and the S&P500 combined. MicroStrategy is currently the leading corporate investor in bitcoin. Featured image from CoinQuora, chart from TradingView.com”

Source: NewsBTC

Crypto Analyst Says Two Altcoins Ready To Rally, Bitcoin Bear Case Has Been Invalidated

“A popular crypto strategist and trader believes the “bottom is in” after a rough week for many cryptocurrency investors. The analyst, pseudonymously known as Capo, tells his 165,300 Twitter followers that price patterns suggesting Bitcoin (BTC) would fall below the $38,000 support level appear to be invalidated. “38k seems invalidated.

Newly Launched Altcoin Rallies 36% After Gaining Support From Crypto Exchange Binance

“A new blockchain-based gaming altcoin is surging after being listed by the cryptocurrency exchange Binance. Launched in July, Yield Guild Games (YGG) is a play-to-earn decentralized autonomous organization (DAO) designed to allow users to invest in non-fungible tokens (NFT) in virtual worlds. DAOs are governance systems that rely on computer

Bitmedia – Best Crypto Ad Network on the Block?

“With a whopping 1 billion impressions each month and more than 20 million monthly unique visits, Bitmedia prides itself as a leading crypto ad network serving the global cryptocurrency industry. The post Bitmedia – Best Crypto Ad Network on the Block? appeared first on BeInCrypto.” Source: BeInCrypto