Wednesday, January 26

Two Companies Don’t Stop Buying Bitcoin

The purchase of bitcoins by companies is becoming more and more common to use the world’s largest cryptocurrency as a store of value. This Thursday (9) Phunware announced the purchase of 100 BTC, and MicroStrategy another 1,434 BTC.

The disclosure of these purchases comes as bears and bulls fight over whether Bitcoin stays above or below the $50,000 mark. As of this writing, it is down 2.5% from yesterday to trade at $48,898 per unit.

Due to its controlled printing of new currencies and maximum supply limit of 21 million units, Bitcoin has been sought after by individuals and companies wishing to escape state monetary policies that cause their currencies to only devalue over time.

MicroStrategy doesn’t stop buying Bitcoin

Michael Saylor, founder and CEO of MicroStrategy, announced on his social networks this Thursday (9) that the company purchased another 1,434 BTC for 82.4 million dollars, equivalent to 458 million reais in direct conversion.

The company reportedly paid $57,477 for each bitcoin, and MicroStrategy likely bought these bitcoins last Friday, before BTC dropped into the $50,000 range.

“MicroStrategy bought another 1,434 BTC for $82.4 million”

Although this purchase represents a loss of about 15%, MicroStrategy has 122,478 BTC in cash, purchased at an average price of $29,861 per currency. In other words, she is making a total profit of 61% at the moment.

phunware joined the party

Phunware, an American company focused on software and blockchain solutions, also recently started using Bitcoin as a store of value. Showing that there is a growing institutional demand for the largest cryptocurrency in the world.

In announcement published this Thursday (9), the company claims that it has purchased another 100 BTC at a price of $49,750 for each BTC, totaling an amount of nearly 5 million dollars (BRL 28 million).

In total, Phunware has 630 BTC in cash, purchased for an average price of $58,513. Although with a loss of around 17% at the moment, this last purchase reduced the average price of its purchases.

Bitcoin is currently being used by many people and companies to escape inflation. This includes companies of different sizes such as small restaurants and even large companies listed on the stock exchange such as MicroStrategy, Tesla and Square. As for countries, for now El Salvador is still the only one that prefers bitcoin over gold.