Micro Strategy is Buying More Bitcoin in This Crypto Crash
Micro Strategy (NASDAQ: MSTR) has converted almost all of its cash reserves into Bitcoin-digital coins.
Everyone can expect CEO Michael Saylor would be less passionate about crypto, as Bitcoin fell almost 60% in the first half of 2022, but the company is still buying more.
Do you think buying bitcoin is a good idea or not?
According to the official filings to the Securities and Exchange Commission, Micro Strategy bought 480 more Bitcoins between 3rd May and 28th June. Now the average price of Bitcoin has come to $20,817 per coin for the company and the total investment added up to $9.99 million.
Now the company holds 129,699 Bitcoins in its digital reserves which have worth approximately $2.50 billion at the current price.
Buying 480 Bitcoins is an increase of 0.4% only for the company. Therefore, it is not a huge investment.
While the charts predict more downside of the Bitcoin, Micro Strategy is buying more Bitcoin in this crash. The act shows Saylor and his company expects bitcoin will again give a handsome amount of profits.
Saylor always remains hopeful of Bitcoin. When Elon Musk’s Tesla bought $1.5 billion of Bitcoin last summer, Saylor played an important role in that Tesla’s investment.
Is it the right time to buy Bitcoin?
Risk is always there as the largest world economies also fear recession and interest rates are increasing insanely to grab soaring inflation.
If someone feels Micro Strategy’s investment is positive then only fewer amounts can be invested in Bitcoin.