On Wednesday, MicroStrategy confirmed another round of purchase of Bitcoins. An announcement published by one of the largest publicly traded business intelligence company revealed that the company had purchased 19,452 Bitcoins, the company valued the purchase at approximately: $1026 Billion.
In response to this move by the company, the CEO and Spokesperson of MicroStrategy Michael J Saylor shared two core focus of their company’s strategy: growing company’s enterprise analytics software business and acquiring Bitcoin. Speaking on the matter Saylor revealed that the company would be utilizing the company’s excess cash to purchase Bitcoin. In addition to cash, MicroStrategy would also be issuing either debt or equity to raise capital to purchase further Bitcoins.
Despite of the market volatility risk associated with Bitcoin, MicroStrategy seems to have high confidence to invest in what it considers to be “the World’s most adopted cryptocurrency and dependable store of value.” Adhering to their beliefs, the company now holds 90,000 Bitcoins in its account.
Bitcoin had previously lost $13000 after hitting an all-time high of $58,400. However, since tumbling to below $45,000 the cryptocurrency has again managed to reclaim its price. At the time of this writing, Bitcoin was again trading at $50,000 recovering more than $130 Billion in wealth!
The trust of institutional investors is making Bitcoin and other cryptocurrencies a reliable asset class with promising yields. Following recent correction, the crypto market holds a market cap that expands above 1.5 Trillion. So, we cannot help but agree with the CEO of MicroStrategy. And, if you are someone who has invested in cryptos while seeking higher returns than the average return offered by the market, then it’s important that you store your cryptocurrency in a secure wallet. Download XcelPay Wallet on your android and ios devices today. XcelPay Wallet is a Multi-coin wallet where you can create multiple wallets within XcelPay Wallet and store multiple cryptos like bitcoin, ethereum, XLD, XDC, and XLAB on your android or apple devices. The Wallet app also comes with a SWAP feature in-built in XcelPay Wallet where users get the flexibility to hold multiple cryptocurrencies, SWAP, and Trade on the go!
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