Microstrategy Buys Into Bitcoin

Business intelligence outfit MicroStrategy ($MSTR@US) has been adding crypto assets to its portfolio in recent weeks. Between November 29 and December 8, MicroStrategy bought over 1400 Bitcoins valued at just over $82 million. The average value per MSTR was well over $57 thousand. As of Wednesday, MicroStrategy held over 122 thousand Bitcoins, with an aggregate purchase price nearing $4 billion. MicroStrategy’s CEO, Michael Saylor, has proclaimed himself a Bitcoin bull on several occasions, believing that it is taking the place of gold in the minds of investors. He took to Twitter ($TWTR@US), saying, “Once upon a time, #gold was the most desirable store of value. Now #Bitcoin is taking its place.” he went on to say, “The price of #Bitcoin will be driven by inflation, technology, and adoption.” Even as Saylor stumped for crypto over gold, Bitcoin was falling. At press time Bitcoin volume was up over 8% and its market cap still occupies nearly a third of the crypto industry.