The recent decline of Bitcoin [BTC] to a low of $16k has been devastating for many individuals. The bear market, however, appeared to be advantageous for investors trying to increase their reserves. The market is routinely avoided by retail investors when bears strengthen their positions.
However, despite having a significant position, the bulk of institutional investors continue to add to their coin collections. Every time the price of BTC declines, MicroStrategy typically joins the market. The business has once more taken advantage of the recent decrease in BTC by buying more Bitcoin for $41 million.
MicroStrategy’s creator, Michael Saylor, recently tweeted about the amassing of 2,500 bitcoin.
132,500 Bitcoins in MicroStrategy’s Pocket
According to information from the SEC, MicroStrategy increased its reserves by 2,500 BTC for a total of $41 million. The company had 132,500 Bitcoin as of December 27, 2022, which it purchased for $4.03 billion, or an average price of $30,397 per BTC.
Despite the ups and downs and a loss, Saylor still seems adamant about his BTC decision. The company doesn’t have any imminent intentions to sell its BTC because it is long-term focused.
At the time of writing, BTC had risen by 0.02% in value over the last 24 hours, trading at $16,572.14. BTC has been the least volatile cryptocurrency overall in comparison.
It is well known that Michael Saylor, the creator of MicroStrategy, supports Bitcoin. The Business Intelligence company is presently the biggest institutional Bitcoin investor, with more than 160k BTC. It’s interesting to note that the corporation purchased BTC during both the bullish and bearish market cycles.
But it wasn’t irrational for MicroStrategy to decide to invest in BTC. The biggest crypto asset has been performing well on the macro front despite the turbulent last 12 months. According to the dashboard’s creator,
“Of course, hindsight is 20/20, and his decision to convert his company cash (and more) into Bitcoin could have been (and still can be) the greatest decision ever. But saying “there is no second best crypto asset” is a bit of a stretch if you ask me and the data that is currently available.“