MicroStrategy Purchases 271 BTC for $15 Million

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  • Michael Saylor announced that his company has acquired an additional 271 BTC for a total of $15 Million.
  • Microstrategy now owns a total of 91,850 Bitcoin, accounting for 0.437% of the asset’s circulating supply.
  • Saylor has long been a strong Bitcoin proponent.

MicroStrategy CEO Michael Saylor recently announced that the company has purchased an additional 271 Bitcoins for a total of $15 Million, accounting for approximately $55,387 per coin. With this purchase, MicroStrategy now owns 91,850 Bitcoin, acquired at an average price of $24,403 per coin with a total investment of $2.24 billion.

MicroStrategy commenced acquiring Bitcoin in 2020 with an initial investment of $250 Million. The company then resumed acquiring more as the surge in Bitcoin price and adoption skyrocketed.

Saylor, being a strong proponent, had spoken about his intentions to continue purchasing more Bitcoin. When the company purchased $1 billion worth of the digital asset last time, Saylor revealed that they are not planning on slowing down the rate of the company’s BTC purchasing.

Antidote to Elon Musk

Just recently, Tesla CEO Elon Musk announced that the electric car company has suspended Bitcoin payments for vehicle purchases. The negative news produced a sharp drop in Bitcoin price, from around $54,000 to as low as $46,000 within a couple of hours. However, with the positive news from MicroStrategy, the Bitcoin healing process will be much faster.

Michael Saylor, Bitcoin’s Guardian Angel

If Bitcoin is to get a CEO, marketing manager, and social media manager, with a consensus that the best fit would be Michael Saylor. Saylor, who has been the mouthpiece of Bitcoin for the last several months, unconditionally supports the digital asset, defending it whenever necessary.

Saylor, in reply to Elon Musk’s announcement of the Bitcoin suspension due to environmental concerns of mining operations that use fossil fuels, called his justification “ironic”. He added that the entire Bitcoin network consumes a steady amount of energy, most of which comes from renewable energy.

Saylor, who had appeared on Kitco News on May 6th, also defended Bitcoin against the “Bitcoin energy consumption” cliche stating that the entire Bitcoin network consumes only 0.075% of all the energy in the world.

It comes as no surprise that Saylor is very bullish on Bitcoin. As covered by FullyCrypto, Saylor had said that Bitcoin is currently flashing a “screaming buy signal.” According to Saylor, a seven-digit price tag for Bitcoin is very apparent. “I can see bitcoin going to a million. I can see it going to $5 million,” he said during an interview with FamilyOffice.