MicroStrategy Buys Bitcoins Worth $25mln, Owns 125,051 Bitcoins in Total

Michael Saylor, the CEO of business intelligence company MicroStrategy in the United States, has purchased a new batch of 660 Bitcoin tokens as the cryptocurrency market continues to suffer significant losses. The 56-year-old businessman said in an official statement that each Bitcoin he acquired during the downturn cost him $37,865 and that he spent a total of $25 million for his new tokens.

Saylor now has a total of 125,051 Bitcoins in his corporate account, which he says he got for $3.78 billion. MicroStrategy, Saylor’s business analytics firm, has been acquiring Bitcoins since 2019. Between November and December of last year, the corporation purchased two cargoes of Bitcoins at average per-token values of $57,477 and $49,229, respectively. Saylor is a Bitcoin lover who is well-known for defending the currency against detractors.

He allegedly projected that the per-token value of the world’s oldest cryptocurrency, Bitcoin, might reach $6 million in the next years. The entrepreneur is a member of the Bitcoin Mining Council, and his business is the world’s first publicly traded corporation to invest in Bitcoin.

However, Saylor is not the only one who compels it to stockpile Bitcoins when the currency’s value falls. El Salvador’s President, Nayib Bukele, too routinely indulges in reduced Bitcoin shopping. Last year, the Central American country proclaimed Bitcoin to be legal cash and has a treasury stocked with Bitcoin tokens.

El Salvador acquired another batch of 410 tokens for $15 million in January, as Bitcoin values plunged to as low as $35,000 from a previous high of $42,270. Numerous countries throughout the globe, including the United States, India, and Russia, are attempting to regulate the crypto industry, leaving investors afraid and confused.

Additionally, many nations, like as Iran, have put temporary prohibitions on cryptocurrency mining owing to energy constraints. Due to the convergence of these factors, the crypto industry has lost almost $1 trillion in value since November last year, with Bitcoin’s current market valuation of $665 billion falling by about $1.3 trillion.

While Bitcoin is now selling at roughly $38,396 on international exchanges, CoinMarketCap estimates that the overall market capitalization of the cryptocurrency industry is $1.770 trillion.