Microstrategy buys 1,914 Bitcoin, opportunity in Crash


Software company Microstrategy again bought a huge amount of Bitcoins for its balance sheet of the company. 

Microstrategy is a software firm and this firm is popularly known for its Bitcoin buying initiative. In the last couple of years, the company added around 124,391 Bitcoins in total. 

In the last couple of days, the crypto market faced a huge downfall. However, the plunge in the price of bitcoin was not much significant but still, the prediction of many experts hinted that the market is moving toward a big crash. However, those Bitcoin companies & individuals who are bullish on bitcoin, are not lagging to consider this crash as an opportunity. 

According to the published 8-K form on Wednesday, Microstrategy company bought a total of 1,914 Bitcoins in its portfolio. So now the company holds a total of 124,391 Bitcoins. 

Now with this, the total buy value of all the Bitcoins is $3.75 billion. And the buy price per Bitcoin is $30,159. So in total, the company is in profit with a total of $2.16 billion. 

As we know, the supply of Bitcoin is limited by 21 million. So Microstrategy owns 0.6% of the total maximum Bitcoin numbers that can exist in the Bitcoin blockchain network. And if we count the lost numbers of Bitcoin wallets, then this number of Bitcoin fractions is around 0.7% of the maximum total Bitcoin supply.

Around 3 weeks ago, the Company purchased 1,434 Bitcoins at an average price of $57,477. And on 29 November, the company purchased a total of 7,002 Bitcoins. 

Microstrategy planning with Bitcoin holdings

Recently The CEO of Microstrategy company, Micheal Saylor, shared his thoughts with the company executives to work on a new initiative to use the holdings of the company to generate revenue. 

Saylor said that nothing is officially planned but the company may create its unique application to use Bitcoin or alternatively the company may plan to give the Bitcoin Holdings to any trusted company to use Bitcoin in the form of liquidity to provide any kind of Bitcoin-related services. 

Read also: Former SpaceX intern insists that Elon Musk is Bitcoin creator