MicroStrategy continues to devour Bitcoin (BTC) as the crypto bull market continues.
Michael Saylor, co-founder of MicroStrategy To tell The company used the proceeds from the convertible notes and excess cash to purchase an additional 9,245 BTC for approximately $623 million, at an average price per Bitcoin of $67,382.
The company currently owns 214,246 BTC, which it acquired at an average price of around $35,160 per Bitcoin. These holdings represent more than 1% of the total Bitcoin supply of 21 million coins.
Ki Young Ju, founder and CEO of on-chain analytics company CryptoQuant, said: Note MicroStrategy currently owns more Bitcoin than the Chinese government (194,000 BTC) or the US government (210,000 BTC).
At the time of writing, Bitcoin is trading at $67,916, and MicroStrategy's Bitcoin treasury is currently worth approximately $14.55 billion. The value has increased by 93%.
Saylor predicted last month that Bitcoin would pull money out of gold and real estate.
“I famously said I'm going to buy the top forever. Bitcoin is an exit strategy. It's the strongest asset. So what we're seeing now is that Bitcoin is worth trillions of dollars. It's just emerging as a scale asset class. And it's alongside names like Apple, Google, and Microsoft.
But the difference between Bitcoin and the Magnificent Seven is that Bitcoin is an asset class, not a company. There isn't enough room in the capital structures of these companies to hold $10 trillion or $100 trillion worth of capital.
That means Bitcoin is now competing with 10 times more gold than it currently is. It competes with the S&P index. As a store of value, it competes with real estate, an asset class worth more than $100 trillion. Therefore, capital will continue to flow into Bitcoin from these asset classes because Bitcoin is technically superior to them. If so, there is no reason to sell winners and buy losers. ”
Bitcoin itself has risen more than 8% in the past 24 hours after plummeting in price on Tuesday. The top crypto asset by market cap hit a new all-time high of $73,737.94 last Thursday.
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