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Microstrategy invests another $10 million in BTC

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Microstrategy Bitcoin

Microstrategy has made a new BTC purchase: a whopping 229 BTC for about $10 million, at an average price of $43,663 each.

This was announced by CEO Michael Saylor on Twitter:

In practice, Microstrategy has taken advantage of the bargain prices. BTC has seen a sharp drop in price in recent days, dropping from an all-time high of $65,000 to below $43,000. These days, according to CoinMarketCap, it is struggling to hold the $45,000 mark. 

While this has discouraged many investors from selling in droves, it has encouraged Microstrategy and its CEO to take advantage of the opportunity to make a further investment in BTC.

With the new purchase, Microstrategy now holds 92,079 BTC, worth $2.2 billion, purchased at an average price of $24,450 per BTC.

Microstrategy and Confidence in BTC

Michael Saylor therefore remains extremely confident about BTC. Indeed, since announcing in August 2020 that he would adopt BTC as his primary reserve for Microstrategy, he has practically embarked on a mission to spread BTC among corporations in particular

For Michael Saylor, BTC cannot be considered merely a risk. That is why, before announcing his latest purchase, he quoted Denis Waitley, one of the best-known motivators in the United States: 

“Life is inherently risky. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing”.

After all, Microstrategy seems to make no distinction with respect to market trends when investing in BTC. The last purchase was made just a few days ago, when BTC was worth $55,000 for an investment of $15 million.

Michael Saylor has not been fazed by Elon Musk’s tweets either and actually seems to go against the trend, showing that he believes in the Proof of Work consensus algorithm, given the security it provides. 

“The BTC Proof of Work architecture anchors the crypto-asset network physically & politically to the firmament of reality, driving ferocious competition in the marketplace to decentralize, improve, & secure the network, thus assuring vitality & integrity over time”.

And these words are enough to justify yet another investment in BTC by Microstrategy.

The post Microstrategy invests another $10 million in BTC appeared first on The Cryptonomist.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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