MicroStrategy, the business intelligence company that made a name for itself in the cryptocurrency industry last year by investing more than a billion in bitcoin (BTC), is back on track. CEO Michael Saylor just announced that the company has bought another bunch of bitcoin.
MicroStrategy has bought 229 BTC for $ 10 million in cash. The company also bought 271 BTC for $ 15 million last week. That means that MicroStrategy now has a whopping 92,079 BTC in its reserves, worth about $ 4 billion. The bitcoin was bought for an average price of $ 24,450, which means that the value of the investment has already doubled.
This morning it was reported on Crypto Insiders that at the moment especially the new investors, who had entered during this bull run, are now selling out of panic. Older investors and large companies are buying the dip. So MicroStrategy is a clear example of this.
This morning it was also reported on CI that it seemed that the bitcoin price was slowly recovering and was perhaps on the verge of a trend reversal. That also initially seemed to continue when bitcoin managed to hold above USD 45,000. However, the price just suddenly plunged 6% from $ 45,650 to $ 42,950. Yet that is slightly less low than the price dropped yesterday and last night.