MicroStrategy’s faith in Bitcoin seems to be rising each day despite a 15% dip in the crypto’s value over the past couple of days. On Friday, the business intelligence firm confirmed in a press release that it had purchased a further $10 million in Bitcoin, adding 314 BTC to its already sprawling portfolio.
Michael’s Love Affair With Bitcoin
In the press release, company chief executive Michael Saylor tweeted that the 314 Bitcoins were purchased at an average value of $31, 808 per coin. The company has now amassed roughly 70,784 bitcoins so far.
This is the second time the Virginia-based company has made a purchase after investing over $600 million last year. MicroStrategy is looking to use the acquired Bitcoins to further its treasury reserve policy.
MicroStrategy became the face of institutional crypto adoption last year when the firm announced that it would move to the Bitcoin standard and convert its reserves into the leading cryptocurrency. At the time, the company cited fears of a consistently weakening dollar as its reason and declared its belief that Bitcoin is the best asset to serve as a hedge.
Saylor has been bullish in his approach to Bitcoin since then. In an interview with Binance CEO Changepng Zhao, Saylor said that Bitcoin was a viable hedge against monetary debasement, and that he didn’t regret his company’s decision to move its reserves into the asset.
70,000 BTC And Counting
MicroStrategy has enjoyed favorable wind since its decision to step into the world of crypto. The bold move has seen its stock value rise by 320% since its initial $250 million purchase back in August, 2020. This has led to a flock of institutional investors adding the largest crypto by market capitalization to their portfolio.
The company isn’t just stopping at purchasing the asset, however. Earlier this month, it unveiled “Bitcoin for Corporations,” a free online conference that will help companies make the same move that it did. The event’s page shows that it will hold on February 3 and 4 and will focus on issues like accounting, tax and audit, regulatory considerations, and move. The conference’s objective is to equip attendees – preferably institutions – with the knowledge they need to buy Bitcoin and make bigger plays with it.
A host of other institutional investors besides MicroStrategy have made huge bets on Bitcoin, with Ruffer Investment buying about $750 million worth of BTC. At press time, BTC has rallied from a 30% price dip below the $30,000 margin since January 4.