MicroStrategy has made it into the headlines once again after reportedly accumulating more of the flagship crypto asset.
MicroStrategy is a software firm and has been the largest corporate holder of Bitcoin. It has noticeably been in favor of the largest crypto asset for quite some time.
The CEO of the company, Michael Saylor, tweeted recently and stated that investing in Bitcoin rather than gold prevented a “multi-billion dollar mistake”.
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Has MicroStrategy’s Investment Impacted Bitcoin?
Bitcoin is currently trading at $46,973 (at the time of writing) after seeing a 3% price drop on Monday when MicroStrategy purchased the additional BTC.
The Nasdaq-listed firm also took to Twitter and announced that it had purchased an additional 5,050 Bitcoin.
The company has reportedly purchased the said amount of Bitcoin for a total of $242.9 million. This addition to MicroStrategy’s Bitcoin holdings has now increased it to 114,042 BTC.
According to reports, MicroStrategy purchased around 8,957 BTC worth approximately $46,875 per Bitcoin in Q3 of 2021.
This is positive news for Bitcoin and the people who have been in the cryptocurrency’s corner for quite some time. MicroStrategy first purchased Bitcoin in 2020 and since then it has seen an increase of 350% in its share prices.
Despite the price fluctuations noted in the market, news such as the accumulation of BTC by major companies is always a positive piece of information. This indicates that the value of the flagship cryptocurrency is not damaged even though the price may go up and down from time to time.
The accumulation of BTC by a firm as prominent as MicroStrategy is major news. However, it has not entirely impacted Bitcoin’s price as many anticipated.
What Should BTC Investors and Traders Do?
The current market situation may seem slightly uncertain for people who are new to the crypto space. However, crypto investors and traders who have been active for quite some time are familiar with the instability and unpredictability that comes with digital assets.
If we take a look at the price of Bitcoin over the past month we will see that it has seen quite some fluctuations. However, crypto enthusiasts are optimistic regarding a price surge for BTC.
Here is a graph by CoinGecko that shows the price of BTC over the last month.
Despite the price fluctuations, many long-term investors and traders often remain positive towards the flagship digital asset.
Therefore, if you are also interested in buying BTC then make sure you choose from some of the largest Bitcoin exchanges.
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