Cryptocurrencies

MicroStrategy holds more Bitcoin (BTC) than the US government – Cryptocurrencies

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Who dare win ! MicroStrategy understands, the company continues to devour Bitcoins (BTC) despite the poor image of the latter with some institutional investors.

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MicroStrategy richer than the US government

On December 21, 2020, CEO of MicroStrategy, Michael saylor, indicates that his company had acquired 29,646 BTC.

Saylor revealed the news shortly after the BTC at 22,247 USD. MicroStrategy announced his intention to add more Bitcoins to its cash position at the start of December 2020, thanks to its convertible bond offering of $ 400 million.

This round of funding ultimately raised $ 650 million, which was used to purchase Bitcoins according to the company’s plan.

MicroStrategy now hold 70 470 BTC, purchased at an average price of $ 15,964.

MicroStrategy buying Bitcoin BTC

Source : Image via Twitter

The company is the 5th holder of Bitcoins in the world, just ahead of the US government which would own 69,420 BTC.

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An electric motor for a BTC rally

The implementation of the strategy of mass acquisition of Bitcoins of the company, started in August 2020 with a first purchase of 21,000 BTC for $ 250 million.

MicroStrategy announced then that the aim of the company was to make Bitcoin the first reserve asset of their treasury in order to hedge against inflation of fiats.

The company continued with a series of purchases, most notably in September 2020, for $ 425 million via Coinbase.

Michael saylor had recently encouraged Elon musk to adopt the same policy as him, making it Bitcoin the first reserve asset of You’re here, which would encourage other companies in the S & P500 to do the same.

Bitcoin started a rally in October 2020, thanks to the support of institutions such as Grayscale and MicroStrategy. The BTC is trading at $ 26,210 at the time of writing.

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Bitcoin is currently on the $ 30,000 road. Will the pioneers succeed in massively attracting other institutional investors by continuing to support BTC and, when the price of it reaches a certain threshold which is still unknown at this time? Michael Saylor continues to engage his company a bit more in Bitcoin. It will be difficult for MicroStrategy to back down as its BTC stock grows: the best guarantee against massive liquidations causing a crash?

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