Despite the ongoing market downturn, MicroStrategy has purchased a fresh batch of Bitcoin FOR $6 million. A $6 million purchase of 301 BTC by the software company that an advocate of Bitcoin, Michael Saylor, founded was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
The purchase is the most recent in a string of purchases that have spanned more than two years. When Bitcoin reached its all-time highs in 2021, MicroStrategy bought it, only to watch it fall precipitously this year.
Saylor, who rose to fame in the Bitcoin world in 2020 after starting the BTC accumulation method, has resigned from his CEO position. He currently holds the post of Executive Chairman, which allows him to concentrate more on the business’s Bitcoin-related components. Saylor has stated that this shift was not caused by the price collapse of Bitcoin, which would have resulted in a substantial unrealized loss for MicroStrategy’s assets.
The overall market price of Bitcoin during the summer remained flat, especially after the collapse of the Terra ecosystem, which caused the peer-to-peer digital currency’s dollar value to fall below 2017 bull market highs. Although the currency quickly recovered to $20,000, it has been challenging to maintain that level. At the time of publication, Bitcoin was trading hands for roughly $19,100.
The outcomes of the Federal Open Markets Committee (FOMC) meeting are anticipated on Wednesday. While investors prepare for them, it is still impossible to predict what will happen to the bitcoin price.
Institutional investors have flocked to BTC since 2020, but they base their allocations and investment choices on the global economy’s overall loosening and tightening. As a result, despite Bitcoin offering an alternative system to central banking, the currency has been unable to decouple from risk assets.
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