Nasdaq-listed MicroStrategy has added 229 Bitcoins, worth $10 million, to its Bitcoin portfolio. While announcing the purchase on Twitter, MicroStrategy CEO Michael Saylor said that the coins were acquired at an average price of $43,663 per BTC. The company now has more than 92,000 coins.
The recent purchase suggests that MicroStrategy has chosen the “buy the dip” move, common among crypto traders. Bitcoin has been experiencing a dip, reaching its highest decline in recent times. Bitcoin fell from $58,000 to a three-month low of $42,000 as of the 18th of May. At press time, Bitcoin is trading at $38,600.
The Bitcoin fall was fueled by Tesla CEO Elon Musk’s criticizing comment on the king coin over energy usage. Musk said Bitcoin energy consumption is harmful to the environment. In reaction, BTC fell more than 10% and has continually dropped since then.
MicroStrategy started its Bitcoin acquisition in August 2020 and has added more since then. The intelligence company said that it would continue to acquire more BTC as part of its treasury reserve policy.
Saylor has previously described Bitcoin as the crypto asset network, calling Ethereum (ETH) and other stablecoins “crypto-application networks.” The CEO has been bullish on Bitcoin and still continues in the same line. However, Saylor and MicroStragey once criticized Bitcoin, predicting its demise.
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