MicroStrategy is placing yet another bet on Bitcoin (BTC) even as the leading cryptocurrency continues an apparent market downtrend.
MicroStrategy chief executive Michael Saylor tells his 2 million Twitter followers that the enterprise analytics firm purchased another 1,914 Bitcoin for approximately $94.2 million in cash at an average price of about $49,229 per BTC.
That latest haul brings the firm’s total Bitcoin holdings to about 124,391 BTC purchased for a total of about $3.75 billion. Each Bitcoin was purchased for an average price of about $30,159.
With Bitcoin trading at $47,019.13 at time of writing, MicroStrategy’s BTC trove is currently worth nearly $5.84 billion.
BTC is up 0.5% in the past 24 hours but down more than 17.8% from where it was priced one month ago. Shares of MicroStrategy rose 1.12% on Thursday by market close, according to Yahoo Finance.
Saylor has explained in past interviews that he thinks Bitcoin will go up in value forever due to its capped supply, which cannot increase regardless of demand and price.
“My point is that [there’s] never going to be more than 21 million Bitcoin, so it’s a very fixed supply.
It’s the only scarcity that anybody can invest in in the world.
Every other asset that you can buy as an inflation hedge, like real estate or stocks or gold or commodities, all of those things have a supply that’s going to increase as the price goes up.
But you can’t increase the supply of Bitcoin.”
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