Bitcoin Getting Lot of Attention, Software Firm MicroStrategy Purchases Bitcoin of More than USD 2 Billion

There is a boom in the crypto market after the victory of Donald Trump in the presidential election in America. The price of Bitcoin, the largest cryptocurrency in terms of market value, is also increasing. Institutional investors are also betting in this segment. In this series, MicroStrategy, one of the big software companies, has spent more than two billion dollars in buying about 27,200 bitcoins.

Bloomberg’s Report According to this, 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 as a 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 630 percent during this period.

MicroStrategy’s total holdings of Bitcoin are approximately $23 billion. The price of Bitcoin was trading at more than $86,000 on Tuesday. 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 hinted at not making strict regulations for this segment and creating a reserve of crypto. There are a large number of people investing in the crypto market in America. These investors are also expected to contribute to Trump’s victory. In September this year, Trump also started a cryptocurrency business. Trump, his family and associates launched World Liberty Financial. However, no further information has been received about it.