MicroStrategy, the world’s largest corporate holder of bitcoin, has continued its accumulation phase by purchasing 2,136 BTC for approximately $209 million. This marks the eighth consecutive Monday purchase, bringing the company’s total stash to over 446,000 BTC.
Recent Acquisition Details
* MicroStrategy acquired 2,138 BTC at an average price of $97,837 per bitcoin. * The acquisition brings the company’s total investment in bitcoin to approximately $27.9 billion. * The current value of MicroStrategy’s bitcoin holdings is estimated to be around $41.5 billion.
Unrealized Profit and Market Impact
* With an average cost basis of $62,428 per bitcoin, MicroStrategy’s holdings have generated an unrealized profit of more than $13 billion. * Despite recent market fluctuations, including a 15% decline in bitcoin’s price over the past two weeks, MicroStrategy’s holdings remain highly valued.
Industry Reaction
* Peter Schiff, a well-known cryptocurrency critic, has expressed skepticism about the impact of MicroStrategy’s purchases on the overall market. However, his claims have been met with criticism from supporters who argue that the company’s large-scale investments can contribute positively to market sentiment.
Market Context
* The recent Federal Open Market Committee (FOMC) meeting led to a decline in bitcoin’s price as investors responded to interest rate concerns. * Despite this downturn, many analysts believe that long-term trends favor further growth in the cryptocurrency space.
Conclusion
MicroStrategy’s ongoing accumulation phase demonstrates the company’s commitment to investing in bitcoin despite short-term market volatility. As the cryptocurrency landscape continues to evolve, it remains essential for investors and industry stakeholders to monitor developments closely and adapt their strategies accordingly.
Source: Cryptopotato.com
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