MicroStrategy Adds 7,002 Bitcoin to Portfolio

Yet again MicroStrategy, an Amereican business intelligence company has purchased an additional 7,002 Bitcoin worth $414.4 million to its digital asset portfolio, summing its total bitcoin asset to $3.57 billion.

The CEO of MicroStrategy, Michael Saylor made the purchase announcement on Monday via a Twitter post.

He tweeted, “MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin”.

MicroStrategy currently owns 121,044 BTC valued at $3.57 billion that were acquired at an average price of $29,534 per bitcoin.

At the time of writing, data from Kucoin shows that Bitcoin is trading at $56,490 per coin. This implies that Microstrategy’s total bitcoin asset is worth over $6.8 billion.

On Friday, Saylor tweeted, “Bitcoin offers better inflation protection than gold and is growing faster than big tech.” 

Saylor believed that Bitcoin (BTC) “is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth and In time, we will come to understand that it is concentrated energy in digital form and critical to the progression of our civilization.”

Despite some countries showing little to no adoption to digital assets, Saylor believed that Bitcoin has a potential to become a $100 trillion asset class. He said “digital gold is going to replace gold this decade.”

The MicroStrategy CEO further said the company is not troubled with the ongoing discussion on crypto regulation, noting that it will affect security tokens, decentralized finance (defi) exchanges, crypto exchanges, and other use cases of cryptocurrency that are not bitcoin. In his opinion, “bitcoin is unstoppable as digital property.”