MicroStrategy Follows El Salvador’s Lead As It Buys Bitcoin Dip

The recent Bitcoin price drops have provided an excellent opportunity for those with the means to purchase the digital asset at a discount. El Salvador, and MicroStrategy have both taken advantage of this price drop to grow their holdings.

El Salvador snapped up 100 BTC quickly after the price fell to $54,000. President Obama once more stated that the nation got the coins at an affordable rate. MicroStrategy (the publicly traded company with the highest bitcoin balance) followed El Salvador’s footsteps. The company bought $414 million of BTC.

Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins| Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins

MicroStrategy Deepens Bitcoin Bet

MicroStrategy renewed its commitment to add bitcoins to its bank account with this latest purchase. Michael Saylor is the founder of Bitcoin Maximists. He announced that MicroStrategy had added more bitcoins to its existing impressive stock. MicroStrategy’s latest purchase consisted of a $414 million buy, which amounted to 7,002 BTC added to its balance.

This recent purchase brought the total of MicroStrategy’s bitcoin holdings to a whooping 121,044 coins. This firm purchased the digital asset for an average price of $59187 per coin. It is well below the record high of $69K at the start of November.

Bitcoin price chart from TradingView.com

BTC gains more than $57K| Source: BTCUSD on TradingView.coms

MicroStrategy gradually increased its Bitcoin holdings and, as of now has spent about $3.57 trillion. Despite bitcoin’s drop from its all-time high, the firm continues to remain in profit with an average price of $29,534 per bitcoin.

Bitcoin is a hot topic for big companies

MicroStrategy has not been the only company to embrace bitcoin. However, it is the most publicly traded company. Tesla, the electric vehicle manufacturer had previously announced it held bitcoin on its balance sheets. Tesla is currently headed by Elon Musk who holds around 48,000 bitcoins on its balance sheets.

Related Reading | El Salvador Buys Bitcoin Dip As Omicron Variant Ravages Market

Galaxy Digital’s CEO is Mike Novogratz. He has repeatedly emphasized the value of bitcoin and his convictions. The firm also holds16,402 bitcoins on its balance sheet, $956.69 million in today’s value.

Square Inc. is headed by Jack Dorsey, Twitter CEO. Marathon Patent Group has $280.7 Million in bitcoin (4.813 BTC) while Square Inc. is led by Jack Dorsey, Twitter chief.

These companies all have one thing in common: no matter their date of entry, at least 100% profit from the price of bitcoins at the point of purchase.

Featured Image from Forbes. Chart by TradingView.com

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