Software company MicroStrategy has announced that it will add more Bitcoins to its balance sheet. This time, the company said it had taken out a $250 million Bitcoin-backed loan to buy its flagship crypto asset. MicroStrategy noted that it acquired the additional Bitcoin between July 1 and September 12, 2021, when the token’s price was slightly above its current price.
MicroStrategy Now Owns $5 Billion in Bitcoin
Michael Saylor, MicroStrategy’s Chief Executive Officer Michael Saylor, stated that following the additional Bitcoin acquisition, the company now owns $5 billion worth of Bitcoin. This easily makes it the largest corporate crypto investor for Tesla.
The electronic car maker co-founded by Bitcoin and Dogecoin enthusiast Elon Musk owns $1.5 billion worth of Bitcoin.
Mr. Taylor has not concealed his dual business strategy to develop MicroStrategy’s software business while acquiring and increasing his Bitcoin holdings with excess cash.
Along with Elon Musk, Michael Saylor is a popular Bitcoin advocate on social media. Their influence and social media activities around the crypto asset usually have an impact on the crypto community’s perception of the token. In some cases, their social media interactions have coincided with a significant surge in Bitcoin’s price.
Saylor still remains bullish for Bitcoin
Saylor is one of the major crypto holders that has remained optimistic in the market. Despite the price swings and the relatively calm Bitcoin market, Taylor has refused to sell his holdings. Currently, Bitcoin’s market cap is $850 billion. But Mr. Saylor thinks the crypto asset has a high potential to surpass the full market cap for gold.
Currently, the market cap of gold is over $11 trillion. †[Bitcoin] will encompass the entire gold market cap,” he stated during an interview with CNBC. Saylor added that Bitcoin’s volatility will decrease once its market cap reaches $10 trillion. He added that it will have a stabilizing effect on the financial system in the 21st century.
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