Bitcoin Getting Attention from Institutional Investors, MicroStrategy Buys USD 1.5 Billion Tokens

The price of Bitcoin was down about 1.64 percent on Monday to a little more than $94,000. MicroStrategy holds approximately 4,02,100 Bitcoins. This is a little less than two percent of the total supply of 21 million tokens of this most popular cryptocurrency. microstrategy Has purchased approximately 15,400 bitcoins last week at an average price of $95,976. There has been a lot of growth in the crypto market since the victory of Donald Trump in the presidential election in America. The price of Bitcoin had continuously made new highs.

Recently Bitcoin made a high of more than $99,000. After this its price has decreased significantly. Due to this, the market capitalization of MicroStrategy has decreased by about 30 percent. MicroStrategy’s stock has increased by more than 500% in the last one year. In comparison, the price of Bitcoin has increased by about 146 percent. However, questions are also being raised regarding the company’s investment strategy in Bitcoin. This company had initially decided to invest in Bitcoin as a hedge against inflation.

Recently MicroStrategy purchased approximately 55,000 Bitcoins for approximately $5.4 billion. In a filing with the US regulator SEC, MicroStrategy had said that it had bought bitcoins worth about $5.4 billion between November 18 and 24. For this, an average price of $ 97,862 per bitcoin was paid. The company had said that it has used funds received from the sale of shares and convertible notes for this purchase. Initially this company used to buy bitcoins in exchange for cash. Since then, MicroStrategy has been using the proceeds from the sale of shares and convertible debt to buy Bitcoin. Trump’s victory and crypto-supporting candidates entering Congress have increased the possibility of better regulatory conditions for the crypto market. During the election campaign, Trump had indicated not to make strict regulations for this segment.