Friday, January 28

Bitcoin’s Largest Corporate Investor Invests Another $414 Million in Digital Currency

Michael Saylor, founder and CEO of MicroStrategy, announced that your company acquired another 7,002 BTC this Monday (29). In total, MicroStrategy now has 121,044 bitcoins in cash, that is, 1 of every 156 BTC in circulation is in its wallet.

According to the company, the purchase was made with the money raised by a sale of its shares, in the fourth quarter of this year. According to Saylor’s statements, he will put every penny he can into Bitcoin.

As it is an asset that has a maximum unit limit, different from the dollar or the real, both Saylor and his company are betting that the scarcity of Bitcoin will make it one of the most used and sought after forms of money in the world in a few years, surpassing even gold as a store of value.

Bitcoin offering is limited, Saylor gets that already

As the maximum number of existing bitcoins is limited to 21,000,000, even if MicroStrategy stops buying Bitcoin now, it has already ensured that 1 in every 173.5 BTC is in its possession. In other words, the company has 0.58% of the total Bitcoin offer.

Despite this, their percentage is a little higher today as there are still 2.114 million BTC to be mined. As the mining payoff diminishes every ~4 years, Bitcoin is forecast to reach 21 million units in circulation in 2140 alone.

MicroStrategy buys over 7,002 BTC

Like El Salvador, which bought 100 BTC this weekend, MicroStrategy also took advantage of the drop to accumulate more coins in its portfolio. This practice of taking advantage of falls to buy is being a frequent strategy by big players.

It is worth noting that Michael Saylor’s company did not just buy 100 BTC like El Salvador, but 7,002 BTC. The purchase was made for an average price of 59,187 dollars, totaling 414.4 million dollars, this value is equivalent to 2.32 billion reais at the current price.

As a result, the company has already invested $3.57 billion (BRL 20 billion) in BTC, a scarce asset that, unlike the dollar, its holders can rest assured that it will not suffer an unbridled impression.

To date, this investment has doubled in price as its average purchase price was $29,534 per BTC. Now MicroStrategy’s bitcoins are worth 40 billion dollars, plus Michael Saylor also has BTC in his private wallet.