In the last few weeks, this company has invested a lot in Bitcoin. In a filing with US regulator SEC, MicroStrategy said it had bought about $5.4 billion worth of bitcoins between November 18 and 24. An average price of $ 97,862 per bitcoin has been paid for this. MicroStrategy said that it has used funds received from the sale of shares and convertible notes for this purchase.
This company already has a larger reserve of Bitcoin. However, this is its biggest purchase of Bitcoin in terms of amount since December 2020. Michael Saylor, chairman of MicroStrategy, decided to invest in Bitcoin to hedge against inflation. Initially this company used to buy bitcoins in exchange for cash. Since then, MicroStrategy has been using the proceeds from the sale of shares and convertible debt to buy Bitcoin. The shares of this American company have increased by more than 2,000 percent in the last four years. The price of Bitcoin has increased by approximately 660 percent during this period.
MicroStrategy’s total holdings of Bitcoin are approximately $29 billion. The price of Bitcoin was trading at more than $98,000 on Monday. The price of Bitcoin is rising due to Trump’s victory in America and the arrival of crypto supporting candidates in Congress. This political change has increased the possibility of better regulatory conditions and fewer restrictions for the crypto market. Investors expect long-term growth and stability in this segment. Trump started supporting digital assets after re-entering the electoral fray. He also promised to make America the crypto capital of the world. Trump had also indicated not to make strict regulations for this segment.
Cryptocurrency prices in Indian exchanges
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