MicroStrategy Buys The Dip, Shows Weak-Handed Wall Street How Whales Eat, Purchases 7002 Additional Bitcoins

gold bitcoin

In regulatory filings disclosed Monday morning, MicroStrategy (MSTR), the cloud-based data analytics firm founded by Michael Saylor, disclosed yet another large purchase of Bitcoin continuing its show of support for the world’s preeminent digital currency. 

By Andrew Senior
November 29th, 2021

MicroStrategy already owned more Bitcoin than any other corporation in the world and added 7,002 more BTC to their hoard between October 1 and November 29 partially with proceeds raised during an earlier stock sale. The Virginia-based firm now owns approximately 121,044 Bitcoins for an average price per coin of $29,534. Saylor, commented that his company’s growing investment “reaffirms [the firm’s] belief that bitcoin, as the world’s most widely adopted cryptocurrency, can serve as a dependable store of value.”

MicroStrategy wasn’t the only buyer as Bitcoin dipped to a near seven-week low. El Salvador added 100 Bitcoins to its holdings on Friday when the price was hovering near $54,000 as fears spread of a new and potentially more infectious variant of the coronavirus. 

Bitcoin has since recovered from its recent lows, currently trading at $57,000 Monday morning, but is still down nearly 18% from its record high of $69,000. 

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