Bitcoin Is Gold At Least for MicroStrategy

Bitcoin Cryptocurrency News

Microstrategy proves itself to be the firm believer in Bitcoin as it has been buying more and more Bitcoins and, in recent times, has bought 1,434 BTCs making its Bitcoin holding grow into 122,487 in total. The total worth of Microstrategy’s Bitcoin holding is now exceeding US$ 6 Billion literally.

With every dip, there comes an opportunity of investing in Bitcoins. Some take it and some avoid it. However, for Microstrategy, which is a NASDAQ registered entity, Bitcoin is gold and the company is a firm Bitcoin believer.

The company is headed by Michael Saylor who is working as the CEO of Microstrategy. Saylor told on Thursday, 9th November 2021, that his company bought further Bitcoins to the tune of US$ 82.4 Million. He informed that the money was paid in full which brought 1,434 Bitcoins into Microstrategy’s Bitcoin stash. Purchasing of each Bitcoin averaged around US$ 57,477. Microstrategy is holding one of the highly valued Bitcoin stashes which contain exactly 122,478 Bitcoins to date.

Saylor said that for Microstrategy Bitcoin is Gold and that is why the company is increasing its gold reserve for the future. He also said that the Bitcoin stash is now worth more than US$ 6 Billion. However, the company pooled in only US$ 3.66 Billion. This meant that Microstrategy’s profit as of 9th December 2021 is about US$ 2.34 Billion.

In less than two weeks, this has been the second purchase of Bitcoins made by Microstrategy. The earlier purchase was carried out in the last week of November. At that time, the company brought into its Bitcoin stash a total of 7,002 BTCs.

Microstrategy’s CEO is one of those people who believe that Bitcoin’s economy is of the kind which will be over 100 trillion dollars in the future. He also commented that so far Bitcoin is like “digital gold”. A time will come when people will forget about the usual gold and will use Bitcoin as an alternate. He feels that investment in gold is reduced since 2019, particularly when Bitcoin started to gain exponential momentum. Against Bitcoin’s performance, Gold’s performance is almost to none for the past three years. There is hardly any comeback time left for Gold because of Bitcoin, said Saylor.

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