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MicroStrategy Invests $650M in Bitcoin During Weekend Low

MicroStrategy-buys-the-dip-—-Now-has-more-BTC-than-US-govt
  • MicroStrategy has invested its $650 million proceeds into Bitcoin.
  • The firm now has almost about 70,470 BTC worth.
  • CEO Michael Saylor encourages Elon Musk to share interest and invest in bitcoin.

Business intelligence company MicroStrategy has invested an additional $650 million into Bitcoin. According to CEO Michael Saylor, the company’s purchase was made at an average price of $21,925 per BTC.

As brought by the investment, MicroStrategy now holds about 70,470 BTC. Meanwhile, MicroStrategy began its Bitcoin purchase years back via Coinbase. After the firm exhausted lots of its access cash, it raised the $650 million to buy the BTC.

At the time of writing, MicroStrategy’s 70,470 BTC has exceeded $1.6 billion.

Looking at how the investment jump-started within a short period, Saylor encouraged Tesla CEO Elon Musk to show interest by investing in Bitcoin.

Saylor said,

If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.

In support, he shared his playbook with Elon Musk offline.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.