Bitcoin’s Biggest Backer MicroStrategy Further Boosts Its Holdings by BTC 5 506e6q 050

MicroStrategy's move to buy Bitcoin have so far paid off as the cryptocurrency's value has remained above the average spending for each Bitcoin. 583l5

By Edited by Gadgets 360 Newsdesk | Updated: 14 September 2021 12:49 IST

Bitcoin’s Biggest Backer MicroStrategy Further Boosts Its Holdings by BTC 5,050

MicroStrategy CEO Michael Saylor is a strong er of Bitcoin 3w5w2s

Highlights

Crypto backer MicroStrategy buys BTC 5,050
MicroStrategy CEO Michael Saylor is a staunch er of cryptocurrency
Bitcoin price in India stood at Rs. 35.66 lakhs on September 14

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Bitcoin's biggest corporate backer has announced an investment of a further $243 million (roughly Rs. 1,790 crores) in the world's largest cryptocurrency. In a tweet, software firm MicroStrategy's CEO Michael Saylor said his company was adding more Bitcoins to its stash and has bought an additional BTC 5,050 at an average price of $48,099 (roughly Rs. 35 lakhs) per Bitcoin. MicroStrategy now holds Bitcoins worth more than $5 billion (roughly Rs. 36,815 crores), which makes it by far the biggest corporate investor in the cryptocurrency. Saylor first bought Bitcoin for MicroStrategy in August 2020 and his move was later emulated by Jack Dorsey's Square and Elon Musk's Tesla.

Since his first buy, Saylor has spent more than $3 billion (roughly Rs. 22,090 crores) on Bitcoin price in India stood at Rs. 35.66 lakhs.

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. $MSTR https://t.co/2ESbTy6ad7
— Michael Saylor⚡️ (@michael_saylor) September 13, 2021

Slow and steady wins the race. #Bitcoin
— Michael Saylor⚡️ (@michael_saylor) September 13, 2021

Earlier this year, when the bullish about the future of the world's oldest cryptocurrency and said he is “pleased by the results” of the digital asset strategy. Outlining it, he said once that he will focus on developing MicroStrategy's software business while simultaneously “acquiring and holding Bitcoin” with excess cash.

Our strategy is long #bitcoin, long term, leveraged intelligently. It is only a matter of time before billions of people plug their mobile phones into bitcoin and we want to be there first. The future of big tech is digital property. $MSTR @MicroStrategy https://t.co/THmVLfxNfC
— Michael Saylor⚡️ (@michael_saylor) July 30, 2021

Bitcoin's current market capitalisation is around $850 billion (roughly Rs 62,58,170 crores), however, Saylor believes it has the potential to “flip gold”, which has a M-cap in excess of $11 trillion (roughly Rs. 8,09,62,750 crores).

When billionaire entrepreneur Elon Musk mocked Bitcoin maximalists with a lightbulb joke, Saylor had responded to him saying he can answer his queries in “10 minutes.”

MicroStrategy CEO Michael Saylor Bullish on Bitcoin Despite Paper Loss

If you give us 10 minutes, maybe we can hash out the answer...
— Michael Saylor⚡️ (@michael_saylor) June 25, 2021

Dogecoin but of late he has toned it down.

Cryptocurrency Prices across Indian exchanges

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