Leading American business intelligence firm MicroStrategy is ramping up its Bitcoin (BTC) investment. The company’s CEO Michael Saylor has taken to Twitter to reveal that the firm has scooped up an additional 271 Bitcoins for $15 million.
“MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per Bitcoin. As of 5/13/2021, we hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin.”
This new acquisition brings MicroStrategy’s total Bitcoin tally to 91,850 BTC. Saylor had previously stated that the company was attracted to Bitcoin because it was a more compelling store of wealth than gold. He pointed out:
“The returns on gold didn’t look nearly as compelling as Bitcoin. So we eventually found crypto because, in essence, in the crypto world, you can create a digital world, and Bitcoin is that digital gold.”
Institutions are accumulating more Bitcoin
CryptoQuant CEO Ki Young Ju recently revealed that institutions were in an accumulation mood since February, with accumulations taking place at the $48K-60K range. He explained:
“Institutions have been accumulating BTC in the $48-60K range since February. Approximately 154K Bitcoin has flowed out from Coinbase into multiple cold wallets.”
Institutional investors have been giving BTC a keen eye ever since it broke the previous record of $20k in December 2020. For instance, blockchain insights provider BlockData disclosed that six corporate giants hold Bitcoin worth more than $11.4 billion. They included MicroStrategy, Tesla, Ruffer, Galaxy Digital, StoneRidge, and Square.
Reportedly, Thailand-based Brooker Group bought 122 Bitcoin in the first quarter of 2021 for approximately $6.6 million.
Time will tell whether more institutional investments will continue trickling in the BTC network for new all-time highs (ATHs) to be recorded before the year closes.
Nevertheless, market analyst Michael van de Poppe believes that Bitcoin will have to flip the $56.5K resistance level to support if it wishes to retest the $60,000 area, as this will guarantee an upward momentum. BTC is trading at $49.6K at the time of writing, according to CoinMarketCap.
Image source: Shutterstock