As of the date of this report at the time of this report, the market for cryptocurrency has been experiencing significant losses in the past day. The most well-known cryptocurrency, Bitcoin, is not immune from the gloomy storm that hit its own and most of the top altcoins.
Bitcoin is currently trading at $44,121. The losses continue to grow. The market slowed down in the middle of last week, as billions were removed in bitcoin’s Bitcoin market. This has led to investors panic, but big institutions like MicroStrategy demonstrate that they are unaffected by the destruction.
In a reaffirmation of its positive outlook on markets, a company’s Business Intelligence (BI) software provider headed by a well-known Bitcoin advocate Michael Saylor has bought $242.9 million worth of Bitcoin this month. MicroStrategy bound BTC at an average cost of $48,099 for each BTC; that’s 505 Bitcoins added to the total inventory of 114,042 bitcoins. The purchase was made at $3.16 billion at an average of $27,713 per Bitcoin.
If it wasn’t evident previously the place, MicroStrategy stood on Bitcoin. The company’s ongoing buying of the asset in significant market declines has changed the situation. As Saylor repeatedly said, MicroStrategy is investing the long-term view.
In addition to being the head of the business that has the most prominent Bitcoin holdings, Saylor is also a fervent Bitcoin advocate who is still preaching the value of Bitcoin in the current market. In light of recent reports of Bitcoin’s increased energy consumption triggering controversy between Bitcoin’s proponents and opponents, Saylor has taken to Twitter to defend his Bitcoin preference, explaining that the energy consumption of Bitcoin is not even close to being excessive.
Another intriguing take was made in a reply tweet to the report that states that the Canadian government will restrict foreign ownership of properties in Canada in the coming two years.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.