Bitcoin Price May Soon Rise, MicroStrategy Invests More than USD 1 Billion in Most Valued Token

There has been volatility in the crypto market for the last few weeks. This has also affected Bitcoin, the largest cryptocurrency in terms of market capitalization. However, there are signs of recovery in Bitcoin. American software company MicroStrategy has purchased about $1.1 billion in this most popular cryptocurrency. This company has purchased about 18,300 bitcoins.

In a filing with the US Securities and Exchange Commission, MicroStrategy has stated that these bitcoins were purchased between August 6 and September 12. This is the company’s highest purchase of bitcoin in the last three years. Earlier, MicroStrategy had purchased 19,452 bitcoins in February 2021. It now has about 2,44,800 bitcoins. Their value is about $ 14 billion. This is about one percent of the total amount of bitcoins available.

BlackRock’s iShares Bitcoin Trust is the largest bitcoin fund with about $20 billion. MicroStrategy’s corporate strategy includes buying cryptocurrencies. It began buying bitcoin about four years ago. The company’s chairman, Michael Saylor, cited it as a hedge against inflation. For this reason, MicroStrategy has also been praised by bitcoin supporters. The company’s stock has more than doubled this year.

At the end of last year, MicroStrategy and its subsidiaries bought about 14,620 bitcoins at an average price of about $42,110. The company took this step to maintain the value of its reserve assets. This also increased the buyers of the company’s shares. Recently, the US Federal Bureau of Investigation (FBI) had warned that attacks by North Korean hackers on the crypto segment are increasing. Last month, Indian crypto exchange WazirX was also targeted by hackers. There are reports of North Korean hackers being involved in this case as well. Hackers stole funds worth about $230 million from WazirX. The crypto market was also affected by this case. This raised questions about the strength of security in crypto exchanges. To avoid these hackers, the FBI has advised not to store information related to logins, passwords and private keys of cryptocurrency wallets on devices connected to the Internet.