MicroStrategy Announces Bitcoin Purchase as BTC Price Plunges
MicroStrategy Announces Bitcoin Purchase as BTC Price Plunges Alex Dovbnya MicroStrategy's Bitcoin holdings have now topped 450,000 BTC milestone Cover image via www.freepik.com Virginia-based business intelligence firm MicroStrategy has purchased an additional $243 million worth of Bitcoin, according to a Monday filing.This time, the average purchase price was $95,972 per Bitcoin. This is the 10th consecutive weekly Bitcoin announcement made by the company. As reported by U.Today, the leading corporate Bitcoin holder previously revealed a $101 million Bitcoin purchase on Jan. 5. With the latest addition, the company's Bitcoin holdings have now eclipsed the 450,000 BTC mark in a major milestone. This cryptocurrency fortune is currently worth a total of $41 billion.The most recent announcement came shortly after the price of the leading cryptocurrency slipped to an intraday low of $90,198. Related The MicroStrategy (MSTR) stock is also down more than 4% in premarket trading. The company's shares are now down a whopping 44% from their Nov. 21 peak of $534. This recent underperformance contrasts with Michael Saylor's faith in his Bitcoin bet.During a recent appearance on Fox Business, the MicroStrategy cofounder said that the largest cryptocurrency represents the "digital transformation" of capital. He said that Bitcoin was emerging to compete with equity and real estate to compete as the world's reserve capital. He has also repeatedly rejected the idea of selling Bitcoin, recently stating that the community would never trust him again if the company decided to take profits. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Alex Dovbnya Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected]. Related articles