If you are also interested in the world of cryptocurrency, then you must have probably heard about MicroStrategy and bitcoin as well as heard about its functions. If you are interested to learn more details about bitcoin trading, click here. However, you may still want to know more about what exactly is MicroStrategy, and how has it impacted Bitcoin.
In short, here if we talk about MicroStrategy, which is a company, through which services like mobile software, business intelligence, and cloud-based are provided. And on the other hand, this company is related to bitcoin because it has bought a large amount of this cryptocurrency. In general, the number of bitcoins is found to be more than 70,000.
Now the question in your mind would be why this company invested huge amounts of assets in bitcoin. Keep reading to know about this matter in detail.
What is a MicroStrategy company?
MicroStrategy is a company started in the year 1989 by Sanju Bansal and Michael J. by Saylor. It is a company that plays an important role in providing technology-related services. These include services such as cloud-based, business intelligence, and mobile software. Since its inception, the firm has continued to develop software that is capable of analyzing external data and internal data.
It is software whose main purpose is to develop mobile applications and make business decisions. Since they develop software that helps people decide on a business strategy, buying bitcoin takes the company a promising step forward. Thus, it is not surprising if the shopping phenomenon has stirred up the crowd.
How did MicroStrategy buy bitcoin?
On the 21st of December in the year 2020, it was announced by MicroStrategy that it has purchased over 29,000 bitcoins. Which is about $650 million in cash at the time. The said cryptocurrency was purchased by the company at an average price of around $21,925 per bitcoin and also complied with its Treasury Reserve Policy. Apart from this, if seen, it also includes the cost and fee to buy it.
However, compared to that time, the value of bitcoin has increased significantly today. Because of this, the company’s bitcoin has now more than tripled what it paid for. On the other hand, in general, his bitcoin would now be worth more than about $ 3.6 billion, while it was only worth close to $ 650 million at the time, he bought it.
BTC volume near MicroStrategy
The first purchase of crypto by MicroStrategy was announced in August. Existing cash was placed on its balance sheet by this company to obtain close to 21,500 bitcoins. Apart from this, there are about 72 thousand bitcoins available with the company. Because talking about the value of bitcoin at that time, its value was close to $47000, and the stake was close to $3.4 billion.
What is Michael Sayer’s view on bitcoin?
Ever since the bitcoin purchase by the company has taken a stellar performance in its action. Thus, most of the people who have been paying a lot of attention to the CEO’s view on this cryptocurrency. Regarding bitcoin, MicroStrategy CEO Michael Sayer believes that it can continue to appreciate its value. Past that, however, he likewise accepts that this could go on until where the cryptographic money turns into a settling impact for the whole worldwide monetary framework.
And if seen according to his prediction, then in the coming time the value of bitcoin in the market can be close to 100 trillion dollars. Michael Sayer’s opinion has turned out to be quite promising, given the rise in the value of bitcoin. This is one of the reasons why most investors are paying more attention to cryptocurrencies today than ever before.