MicroStrategy Buys $10 Million Bitcoin

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MicroStrategy bought the dip, with the publicly traded US company just announcing today: “On January 22, 2021, MicroStrategy Incorporated (the “Company”) announced that it had purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin, inclusive of fees and expenses. As of January 22, 2021, the Company holds approximately 70,784 bitcoins that were acquired at an aggregate purchase price of $1.135 billion and an average purchase price of approximately $16,035 per bitcoin, inclusive of fees and expenses.” Michael Saylor, MicroStrategy’s founder, has a vision of diversifying their profits fiat holdings into bitcoin. Publicly traded companies hold trillions in reserves, just like many hold funds in a savings accounts. The mass dollar devaluation means they’re all losing money. So to hedge, MicroStrategy has bought bitcoin, opening a debate on whether other companies should follow. Old media…

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