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MicroStrategy Buys More BTC

Over the last weekend, Bitcoin stayed under solid pressure. US government’s approval of the $1.9 trillion stimulus bill also couldn’t help Bitcoin price to stay above $50K. But with the start of a new month, the price of the coin is once again back in action. At 17:20 GMT, the coin was trading at $49,052, gaining 12.62% over the last 24 hours.

With the coin rising again, MicroStrategy’s Bitcoin buying spree is also showing no signs of stopping soon. The business intelligence firm has again acquired $15 million worth of BTC, which was paid for in cash. At the time of the purchase, the coin was trading at $45,710.

This new Investment brings the firm’s total holdings to 90,859 coins (or about $4.3 billion based on current price). In the past five months, the firm has consistently acquired BTC, bringing the average price of its Bitcoin purchases to $24,063 per coin.

The CEO of MicroStrategy made the announcement earlier today on Twitter:

A few days back, the firm had announced a $1.2 billion BTC purchase through convertible notes.

The Saylor-led firm first acquired Bitcoin in August 2020. Its first purchase was a $250 million purchase of 21,454 coins. By the turn of the year, it had acquired over 70,000 coins.

Saylor previously noted that the firm’s two major corporate goals includes growing its analytics software business and buying Bitcoin. Despite profit that could have been made by the firm from selling the coin, it doesn’t seem like it is interested in slowing down buying more anytime soon.

Financial institutions are warming up

As the acceptance of Bitcoin continues to grow, Financial Institutions are warming up to the coin. Citibank has recently noted that Bitcoin could become the global trade currency thereby replacing the dollar. The bank said:

The entrance of institutional investors has sparked confidence in cryptocurrency but there are still persistent issues that could limit widespread adoption. For institutional investors, these include concerns over capital efficiency, insurance and custody, security, and ESG considerations from Bitcoin mining. Security issues with cryptocurrency do occur, but when compared to traditional payments, it performs better.

The banking giant also admitted that Bitcoin may face hurdles as it gains mainstream acceptance. However, this is the first endorsement by a financial institution that cryptocurrencies perform better over traditional payments.

British fund manager Ruffer has also invested 3% of its $28.6 billion in total assets under its management in Bitcoin. The firm in its half-yearly financial report noted that the benchmark cryptocurrency is the next-gen institutional investment asset. It noted:

We think we are relatively early to this, at the foothills of a long trend of institutional adoption and financialisation of bitcoin. Bitcoin brings something significantly different to the portfolio. Due to zero interest rates the investment world is desperate for new safe-havens and uncorrelated assets.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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Published under: Bitcoin

Via Commodity News

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