Microstrategy spends $414 million to buy an additional 7,002 BTC

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 30, 2021
  • Microstrategy just spent another $414 million to buy additional 7,002 Bitcoin.
  • With this purchase, the company’s BTC treasury now holds 121,044 coins.
  • Microstrategy’s CEO, Michael Saylor, said that the firm will continue to HODL.

Microstrategy just completed another massive Bitcoin purchase that made it dominate the headlines again. This time, the company purchased another 7,002 Bitcoin (BTC/USD), for a total of $414 million. With this new purchase, the company now holds 121,044 BTC in its treasury, making it one of the strongest entities to hold the coin out there.

The firm’s CEO, Michael Saylor, commented on Bitcoin, calling it the only property that a person can truly own. He also added that it is the first technology actually capable of granting property rights to everyone on earth.

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Regarding the purchase, the CEO revealed that the firm bought the coins at an average price of $59,187 per BTC. The purchase took place on November 29th, and the company plans to continue HODLing. He also said that the 121,044 acquired thus far were bought at an average price of $29,534 per BTC.

Despite the purchase that increased the coin’s scarcity, its price still dropped by 1% in the last 24 hours, with BTC sitting at $56,605 at the time of writing.

Bitcoin’s future according to Microstrategy

Saylor also recently discussed Bitcoin’s potential for becoming a $100 trillion asset class. He stated at the time that Bitcoin is already winning against gold and that it will likely fully replace it before the end of this decade. At the moment, Bitcoin’s market cap is at $1.06 trillion, so the coin definitely has a long way to go still.

The CEO even said that the current regulations being discussed by the US regulators do not trouble him and that it is not something that will affect Bitcoin. It will have a major impact on security tokens, DeFi, and even crypto exchanges, but Bitcoin itself will remain unaffected. Saylor concluded by calling Bitcoin ‘unstoppable as digital property,’ and so far, that does seem to be correct.

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