Bitcoin is the most prominent digital currency in the world, however, its price has been noticeably going downwards for the past few weeks. After surging as high as $40,000, the price of BTC dropped and is now trading at $36,042 (at the time of writing).
The unpredictable and unstable price movement of the flagship crypto asset has made some people skeptical about investing in it. However, the value and significance of Bitcoin have been highlighted after a recent statement by the CFO of MicroStrategy.
This is one of the largest business intelligence companies in the USA and has been in BTC’s corner for quite some time. According to the statement given by MicroStrategy’s CFO, the firm will continue investing in Bitcoin, despite the price movement seen for it.
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BTC’s Price Movement and MicroStrategy’s Investment
As mentioned earlier, the price of Bitcoin has been fluctuating over the past few weeks. It is noticeably dropping after reaching the $40k price mark.
Here is a graph by CoinMarketCap that shows the price of BTC over the last month.
The downward momentum of Bitcoin’s price has discouraged many from investing in it. However, people who have been in the crypto space for quite some time are familiar with such price fluctuations and seem to be unbothered by it at the moment.
One of the entities that are unfazed by Bitcoin’s price drop is MicroStrategy. In a recent interview, Phong Le, the Chief Financial Officer at MicroStrategy stated that the firm plans on buying Bitcoin this year even though the price has plunged.
According to Le, it is unclear if the company will buy more BTC as compared to last year, nevertheless, it will continue to purchase.
As per the firm’s filings with SEC last year, MicroStrategy held around 124,391 Bitcoin up till December 29th.
The CFO of the company also stated that MicroStrategy does not plan on selling any of its holdings but is looking for other ways how it can use Bitcoin and add value for the shareholders. It has also been revealed that if the crypto market becomes more liquid in the next few years, the firm will consider buying BTC-backed bonds.
What to Know as a Crypto Investor?
There is no doubt that the crypto space can be quite unpredictable at times. The ups and downs in the prices of various digital assets even lead people to be nervous about investing in crypto. However, the major entities and long-term investors are familiar with this volatility and recognize the long-term value of cryptocurrencies.
It also often happens that major investors and entities start accumulating more and more crypto as the prices go down, which can be seen at the moment as well. MicroStrategy’s plans to continue buying BTC, despite its price fluctuations can be one example.
Therefore, if you are interested in buying digital assets such as BTC and ETH too, then make sure you choose suitable exchanges like SwissBorg or Kraken (U.S. citizens).
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