September 29, 2020

MicroStrategy bets on Bitcoin again

MicroStrategy bets on Bitcoin again

MicroStrategy nearly doubled its BTC holdings after the company's founder pointed out uncertainty in regarding the future of the US dollar.

The largest American software companyBusiness Intelligence released Form K8, informing the SEC and the public that the company can increase its bitcoin holdings beyond its initial investment. On August 11, the company accepted Bitcoin as its main reserve asset and acquired 21,454 BTC for $ 250 million. The company has since invested another $ 175 million in BTC.

MicroStrategy's new policy allows them to regularly convert portions of their passive monetary assets into bitcoins without any further SEC notification.

24 hours after the news becameIn the public domain, Michael Sayler, the firm's founder, announced that MicroStrategy has acquired an additional 16,796 bitcoins, bringing total assets to 38,250 BTC, or $ 450 million.

MicroStrategy bets on Bitcoin again

The CEO of the company called bitcoin "digital gold", the value of which will only grow.

In addition, Michael Sayler believes that the economic recession triggered by COVID-19 will lead to the depreciation of fiat currencies and most traditional assets.

The company's current market is 1.38 billiondollars. In total, Bitcoin investments account for 30% of all their assets. The latest acquisition means the company controls 0.1% of the total BTC supply in the market.

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