The price of Bitcoin is going through quite the fluctuations as it struggles to surge higher than the $40k price mark. The flagship crypto asset saw a price drop of 2.96% over the last 24 hours and is now trading at $40,221 (at the time of writing).
Here is a graph by CoinMarketCap that shows the price movement of BTC over the last 24 hours.
Despite the drop seen in BTC’s price, its value seems to remain undisturbed as major companies such as MicroStrategy aim to continue acquiring the crypto king.
Bitcoin is undoubtedly the most prominent crypto asset and has an unmatched value and significance. However, MicroStrategy’s plans to purchase more BTC has helped maintained people’s confidence in its value and utility.
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Why MicroStrategy Plans to Buy More Bitcoin?
MicroStrategy is a publicly-traded company and is the world’s largest single-wallet holder of the flagship crypto asset. According to Bitcoin Treasuries, the company holds 129,218 BTC, valued at approximately $5.1 billion.
Earlier this month, MicroStrategy purchased 4,197 more BTC, adding to the high number it already holds.
It seems that Michael Saylor’s company may not be pausing on accumulating BTC any time soon according to a letter sent to the investors by Saylor.
Saylor is MicroStrategy’s CEO and has stated that his company intends to continue its reserve assets strategy by buying and holding more Bitcoin.
The CEO of MicroStrategy also recently highlighted that adding Bitcoin to the company’s treasury early on has been a huge success and has added value for shareholders and customers.
Saylor wrote in a letter recently sent to the shareholders:
“Our parallel strategy to acquire and hold Bitcoin has been a tremendous success.”
The same letter also mentioned the difficulty company executives faced to obtain liability insurance, which was provided from Saylor’s pocket.
Michael Saylor has been openly and vocally in favor of the flagship digital asset since 2020 and has been using his position to reach out to audiences on a global scale.
Following MicroStrategy is Tesla, which owns 43,200 BTC, amounting to approximately $1.7 billion.
Therefore, if you are also inclined toward purchasing BTC then you should choose a suitable platform from some of the best Bitcoin exchanges available in the market.
Helpful Information Novice Crypto Investors Should Know
People who are new to the crypto space and want to start trading or investing in crypto should be mindful of a few factors before they begin.
The crypto space is unpredictable, which means the prices of digital assets sometimes fluctuate quite unexpectedly. On the other hand, choosing a suitable platform is also important as there is no shortage of crypto exchanges but not all of them may suit the needs of the beginners.
Therefore, novice parties who want to get started with crypto investing and trading should know and follow the tips mentioned here.
- Monitor the price movements of the digital asset they want to buy and invest accordingly.
- Choose one of the largest Bitcoin exchanges that match their criteria.
- They should begin by investing as much as they can afford to lose.
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