Microstrategy has purchased 7,002 more bitcoins, growing its cryptocurrency stash to 121,044 coins. CEO Michael Saylor says, “Bitcoin is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth.”
Microstrategy Now Has 121,044 Bitcoins in Its Treasury
The Nasdaq-listed company Microstrategy has purchased 7,002 more bitcoins. CEO Michael Saylor tweeted Monday:
Microstrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per bitcoin. As of 11/29/21 we hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin.
At the time of writing, the price of bitcoin is $57,095.58 based on data from Bitcoin.com Markets. This means Microstrategy’s bitcoins are now worth more than $6.9 billion.
Recently, Saylor discussed bitcoin becoming a $100 trillion asset class. He noted that bitcoin is winning against gold, asserting that “digital gold is going to replace gold this decade.” The bitcoin market cap is currently around $1.11 trillion.
In addition, the Microstrategy executive said he is not at all troubled by regulation that is being discussed in Washington, noting that it will affect security tokens, decentralized finance (defi) exchanges, crypto exchanges, and other use cases of cryptocurrency that are not bitcoin. In his opinion, “bitcoin is unstoppable as digital property.”
On Friday, Saylor tweeted, “Bitcoin offers better inflation protection than gold and is growing faster than big tech.” He believes that BTC “is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth.” He emphasized, “In time, we will come to understand that it is concentrated energy in digital form and critical to the progression of our civilization.”
Commenting on reports that the Indian government may be seeking to prohibit cryptocurrencies, such as bitcoin and ether, the Microstrategy boss opined:
Bitcoin is digital property and is going to be adopted as a store of value asset in every nation that allows citizens to own private property.
In contrast, Saylor explained that “A stablecoin is digital currency for use as a medium of exchange and will be issued by chartered banks.”
What do you think about Microstrategy’s bitcoin purchase? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer