To the delight of people supporting Bitcoin, the flagship digital asset is being accumulated by major entities despite its fluctuating price.
Bitcoin, the largest crypto asset, has crossed an important price mark of $60,000. It is currently trading at $61,448 (at the time of writing), however, its price can still go either way.
Despite this uncertainty and slight price corrections seen for BTC, it is being bought by prominent parties. As reported yesterday, El Salvador purchased the dip and now holds 1120 Bitcoin. However, El Salvador is not the only Bitcoin investor in the fourth quarter of 2021.
It has been reported that the software giant, MicroStrategy, has added 9,000 BTC to its holdings and plans on buying more.
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What to Know About MicroStrategy’s Investment?
Many major entities interested in digital currencies purchase the asset when the price is low. This allows them to buy the asset in a large amount at a low price, which then becomes profitable once the price of the digital asset surges.
Not every crypto investor is up for buying the dip and they mostly start second-guessing as soon as the price of crypto asset plunges.
However, people or companies who have been invested in digital currencies for a long time are now familiar with the volatility of the crypto market. Therefore, they are less or not at all fazed by price fluctuations seen for cryptocurrencies such as Bitcoin.
MicroStrategy is one of those parties that has been in BTC’s corner and continues to highlight its importance.
According to reports, MicroStrategy held 114,042 BTC as of September 2021. The firm acquired BTC at an average price of $27,713.
Now the company has purchased 9,000 BTC, which brings the total BTC holdings to an estimated worth of $7 billion.
The CEO of MicroStrategy, Michael Saylor, stated that the company is indeed planning to purchase more.
“Today, MicroStrategy is the world’s largest publicly traded corporate owner of Bitcoin with over 114,000 Bitcoins. We will continue to evaluate opportunities to raise additional capital to execute on our Bitcoin strategy.”
MicroStrategy is one of the most prominent companies in the USA that provides software for business intelligence and mobile applications. It also provides cloud-based solutions. Check out our list of US based crypto exchanges.
The growth and performance of the company have been quite impressive and according to Michael Saylor, it is due to the firm’s cloud-based solutions.
Saylor also retweeted one of his older posts and emphasized the fact that you don’t sell your Bitcoin.
Could This Be Beneficial for Bitcoin?
Despite the ups and downs in BTC’s price, its significance and utility remain unaffected. The flagship digital currency is currently moving in a very important region and is expected to surge higher than $60k.
While the investment of major entities such as El Salvador and MicroStrategy may not have done much for BTC’s price, such news certainly highlights its prominence in the crypto space. This indicates that Bitcoin is here to stay even if its price fluctuates from time to time. This can also be encouraging news for people who are new to the crypto space.
Similarly, if you are interested in buying Bitcoin, make sure you choose a platform from some of the biggest crypto exchanges.
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