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Microstrategy uses Bitcoin correction and buys more for half a billion dollars



Bitcoin has been on a correction course since its all-time high in November. The BTC rate went down from just under 69,000 to below 43,000 US dollars. Bitcoin bull Michael Saylor and his company Microstrategy used the dip to buy more.

Michael Saylor, founder, and head of the data analysis company Microstrategy, is considered a big Bitcoin bull. The cryptocurrency is superior to investment alternatives such as real estate, precious metals, stocks, or raw materials because of the limitation to 21 million units. Saylor was recently convinced that the Bitcoin price will continue to rise in the coming years, despite all the volatility . The Microstrategy CEO has followed his words with deeds over the past few weeks.

Bitcoin bull buys 1,434 bitcoins

As the company announced in a corresponding letter to the US Securities and Exchange Commission on Thursday, Microstrategy bought a total of 1,434 Bitcoins between November 29 and December 8 and paid $ 82.4 million for them. That means a price of almost $ 57,500 per Bitcoin - so the greater part seems to have been bought before the last sharp slump last weekend . On Saturday, for example, it went down to less than $ 43,000. On Thursday evening, the Bitcoin price moved between $ 47,500 and $ 48,000.

Just about a week ago, according to Forbes , Microstrategy announced that the company had acquired 7,002 bitcoins between October 1 and November 29, paying an average of almost $ 59,200 for it - a total of $ 414.4 million. This means that the investment in Bitcoin by Microstrategy amounts to almost $ 500 million within a good two months.

Microstrategy: Turn 3.7 into 5.9 billion dollars

The current acquisition may look a bit unfortunate at first glance. After all, at the current price, the investment is worth almost $ 100 million less - a decrease of around 20 percent. However, like most Bitcoin bulls, Saylor's strategy is long-term. The growth so far shows that Microstrategy is right at the moment. The company currently has 122,478 bitcoins that were bought at an average price of less than $ 30,000. Microstrategy has turned $ 3.7 billion into around $ 5.9 billion.

Microstrategy is by far the largest Bitcoin company in the world. Also interesting: The market capitalization is currently 6.12 billion dollars, only slightly above the BTC volume held. Tesla in second place is said to have around 43,000 bitcoins.

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