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MicroStrategy looks to further increase its bitcoin holdings following its buy of 21,000 BTC in August

 
MicroStrategy looks to further increase its bitcoin holdings following its buy of 21,000 BTC in August
Breaking News / Bitcoin / BTCUSD
  • Over this past month, things have been going extremely volatile for the leading cryptocurrency. 
  • From its high of $12,500 to below $10,000, the anxiety for the leading coin is rife throughout the industry. 

Over this past month, things have been going extremely volatile for the leading cryptocurrency. From its high of $12,500 to below $10,000, the anxiety for the leading coin is rife throughout the industry. Currently priced at $10,300 at the time of writing, they’re still isn’t a clear path to wear bitcoin is going next. Despite this, institutional investment is still quite high with many people still interested in the industry. 

In August, MicroStrategy bought more than 21,000 bitcoins which was valued at around $250 million at the time. This Virginia-based company made the argument that the leading coin would be a brilliant hedge against inflation, not to mention being able to create an opportunity for the company that would help them earn higher returns with their other investments. The chief executive officer of the company, Michael Saylor said the following in August:

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

Many commentators believe that a leading crypto coin has become an extremely attractive asset for many investors due to central banks liquidity injections over the past few months due to coronavirus and the economic turmoil that came as a result.

In a filing with the United States securities commission early this week on the 14th of September, MicroStrategy suggested that it could buy more bitcoin soon.

The filing further stated:

“Bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for Cash Assets, including future potential share repurchase activity. As a result of this new policy, the Company’s holdings of bitcoin may increase beyond the $250 million investment that the Company disclosed on August 11, 2020.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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