MicroStrategy’s Bitcoin Stash Grows as it Buys More

2021 has been a great year for cryptocurrencies and bitcoin, the pioneer cryptocurrency has been leading the tide. Therefore, it is not surprising that investments in the world’s first cryptocurrency are growing with each passing day. In the latest news about bitcoin, MicroStategy announced that they had bought 7,002 more coins, which means that the company has now expanded its total stash to a whopping total of 121,044 coins. The chief executive of MicroStrategy, Michael Saylor said that bitcoin was the only property that people can really own. He added that it was also the first technology in the world that was capable of giving property rights to everyone in the world.

Listed on Nasdaq, the acquisition of 7,002 more coins by MicroStrategy is major news for the crypto sector. The CEO made the announcement of the acquisition on Monday via a tweet. He said that the company had spent a total of $14.4 million to buy 7,002 coins, which meant that their average price per coin was around $59,187. He added that as of 29th, November 2021, MicrosStrategy was hodling a total of 121,044 bitcoins that had been acquired for a whopping $3.57 billion and this resulted in an average price of $29,534 per bitcoin.

At the time of writing, a single unit of bitcoin is worth $57,095.58. This means that the total number of bitcoins that are owned by MicroStrategy are now valued at $6.9 billion. Recently, MicroStrategy’s chief executive had talked about bitcoin becoming an asset class that would be worth $100 trillion. He had highlighted that bitcoin appears to be doing an outstanding job against gold and went as far as saying that digital gold would eventually end up replacing gold within this decade. The market capitalization of bitcoin at this point is around $1.1 trillion.

Furthermore, the MicroStrategy executive added that he was not worried about the regulation issues that are currently under discussion in Washington. He noted that the ongoing discussions would only have an impact on crypto exchanges, decentralized finance (DeFi) exchanges, security tokens and other use cases of cryptocurrency, but none of these include bitcoin. He opined that he considers bitcoin an unstoppable digital property. Saylor had tweeted back on Friday that the pioneer cryptocurrency is capable of offering better protection against inflation, as opposed to gold and he also added that bitcoin appears to be growing at a faster rate than big tech.

The CEO went on to say that people would come to understand in time that Bitcoin is just concentrated energy that you can find in digital form and he said that it was essential for civilization to progress. He also talked about the move of the Indian government to possibly impose a ban on cryptocurrencies like bitcoin and ether. The MicroStrategy boss said that bitcoin is just digital property and every nation that permits its citizens to own private property will adopt it as a store of value. He said that where digital currency for use as a medium of exchange is concerned, it is stablecoins that can be used.