Buying BTC: where MicroStrategy will go in 2021

January 2, 2021

Quick take

1 minute read

A well-known financial institution that has got heavily involved with the crypto industry over the course of 2020, MicroStrategy recently added to its bitcoin holdings with a purchase of $650 million.

This comes in at about 30,000 bitcoins that can be added to its portfolio.

A well-known financial institution that has got heavily involved with the crypto industry over the course of 2020, MicroStrategy recently added to its bitcoin holdings with a purchase of $650 million. This comes in at about 30,000 bitcoins that can be added to its portfolio.

Michael Saylor, the chief executive officer of the company took to Twitter to announce the news after bitcoin pulled back to the $22,000 Key resistance level range earlier in December.

Even so, the company expressed its excitement to buy more of the leading cryptocurrency with a $400 million debt security sale in order to raise funds for the purchase.

Now, at the time of writing, the company is holding around 70,000 bitcoins which were bought at an average price of around $15,000. Not only is this massive news for the company but it makes them the fifth biggest individual holder of the leading token.

Back in August last year, the company started getting more involved with the crypto industry with a purchase of 21,000 bitcoins for $250 million. Back then, they said that their intention was to adopt the asset as its primary reserve currency in order to hedge against inflation of the US dollar.

Who knows what 2021 will hold for the company.

For more news on this and other crypto updates, keep it with CryptoDaily!

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