MicroStrategy, the world’s largest corporate holder of bitcoin, has allocated an additional $209 million to purchase 2,136 BTC, marking its eighth consecutive Monday purchase. This move brings the company’s total bitcoin holdings to over 446,000 BTC. The latest acquisition was made at an average price of $97,837 per bitcoin.
MicroStrategy’s Bitcoin Holdings Skyrocket
The company’s bitcoin stash has grown significantly, with a total investment of nearly $28 billion at an average price of $62,428 per bitcoin. As of December 29, 2024, MicroStrategy’s holdings have a current value of $41.5 billion, resulting in an unrealized profit of over $13 billion.
Peter Schiff Criticizes MicroStrategy’s Purchase
Peter Schiff, a well-known bitcoin critic, has expressed skepticism about MicroStrategy’s latest purchase. Schiff claims that the company’s investments are the primary driver of bitcoin’s price and that the latest “smaller buy” will not be enough to sustain the asset’s value. Schiff’s comments come as bitcoin’s price has tumbled 15% in the past couple of weeks, from over $108,000 to its current level of $93,000.
Market Impact
The latest purchase has sparked debate about the impact of MicroStrategy’s investments on the bitcoin market. While the company’s continued accumulation of bitcoin has contributed to its growth, the recent decline in price suggests that other market factors are at play. The Federal Open Market Committee (FOMC) meeting earlier this month has been cited as a contributing factor to the price drop.
Source: Cryptopotato.com
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