The position of Microstrategy, the largest institutional holder of bitcoin, has finally become a plus. This happened after the first cryptocurrency crossed the $30,000 mark. The company’s wallet currently contains 140,000 BTC, and each bitcoin cost the company an average of $29,803.
Former CEO and current executive chairman Michael Saylor remained bullish on the asset throughout the crypto winter despite price fluctuations in 2022 and a major depreciation during the crash of Terra and the collapse of FTX. MicroStrategy reported $320 million in unrealized losses after the dramatic fall of the algorithmic stablecoin UST. Sailor then said:
The price of bitcoin is set by those who have more money and less knowledge than you. Over time, they will gain knowledge, and you will receive money.
The growth of bitcoin to $30,000 brought MicroStrategy a profit of $30 million. True, so far only on paper.
MicroStrategy started buying cryptocurrency in August 2020 and since then has been trying to buy on the strait every time the opportunity presents itself.
Immediately after the first purchase, Sailor explained the rationale for investing in the first cryptocurrency: “This investment reflects our conviction that Bitcoin, as the world’s most widely accepted cryptocurrency, is a reliable store of value and an attractive investment asset with a longer-term growth potential in value than holding cash. money”.
Last week, MicroStrategy bought another 1,040 BTC worth $29.3 million. Each bitcoin cost the company $28,016. A total of $4.17 billion was spent on the purchase of bitcoins over almost three years.
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