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MicroStrategy Not Fazed By Musk-Induced $300 Billion Crypto Market Crash

MicroStrategy Not Fazed By Musk-Induced $300 Billion Crypto Market Crash – Continues To Spend Millions On Bitcoin

By Nick James – May 14, 2021

Bitcoin’s status as a viable asset hasn’t withered even as the market takes a hit from Elon Musk suspending Bitcoin payment for Tesla cars.

In fact, it seems that shrewd entities in the crypto market have grabbed this opportunity to accumulate more coins. One of the largest business intelligence firms in the world, MicroStrategy, is still buying Bitcoin.

In an announcement shared in a tweet by CEO Michael Saylor, MicroStrategy intimates that it has bought an additional 271 BTC worth $15 million at an average price of $55,387 per bitcoin.

Accelerating Pace

The continued accumulation of Bitcoin by big entities like MicroStrategy, Grayscale as well as other crypto whales is a testament to the fact that the top crypto has finally won the battle to go mainstream. MicroStrategy holds around 91,850 BTC, with about $2.241 billion spent on the purchases.

Taking into account the earlier purchases made when BTC was worth less than its current valuation, the average purchase cost of each BTC held by MicroStrategy averages around $24,403.

These details were given by the CEO in his tweet. The firm is still buying BTC despite the market seemingly dragging into a bear market. As of publication, Bitcoin is exchanging at around $50,312, a drop from earlier prices of above $52k just a few hours prior.

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BTC Still Up There

Just like any market, the crypto market has its ups and downs. The downs have always been followed by ups. Over the years since Bitcoin debuted into the global market, people have become used to its downtimes and subsequent bullish cycles.

BTC’s price jump over the last few months is clear evidence of that, especially after the crypto spent a while in a dormant price range.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Nick James and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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