- With its fresh purchase of Bitcoin on Wednesday, April 5, MicroStrategy takes its total BTC holdings to more than 140,000.
- Michael Saylor said that the USD will continue to be the world’s reserve currency, however, Bitcoin would be an underlying asset to it.
After a strong 70 percent rally in the first quarter of 2023, the world’s largest cryptocurrency Bitcoin (BTC) is currently consolidating at around the $28,000 level. MicroStrategy, one of the largest corporate owners of Bitcoins continues to add more to its kitty.
On Wednesday, April 5, MicroStrategy CEO Michael Saylor announced that the company has purchased an additional 1,045 BTC taking the company’s total holdings past 140,000 BTC.
In his tweet on Wednesday, Saylor wrote:
Microstrategy has acquired an additional 1,045 bitcoin for ~ $29.3M at an average price of $28,016 per bitcoin. As of 4/4/2023, Microstrategy holds 140,000 bitcoin acquired for ~$4.17 billion at an average price of $29,803 per bitcoin.
Interestingly, this purchase comes just a week after MicroStrategy purchased 6,455 bitcoins worth $150 million on March 27. So far till date, MicroStrategy has spent over $4.1 billion in all of the 140,000 Bitcoins it acquired. This also makes it a public-listed company with the largest stash of Bitcoins.
Interestingly, MicroStrategy is very close to breaking even on its average price of Bitcoins held i.e. $29,803 per coin. Thus, if the Bitcoin (BTC) price jumps another 6 percent from the current levels the company will have made a profit.
Despite the crypto winter over the last year, MicroStrategy has been adding Bitcoins to its kitty periodically. As per our previous report, MicroStrategy also made BTC purchases during December 2022 and February 2023.
Michael Saylor – Bitcoin will be backing the USD
MicroStrategy’s executive chairman Michael Saylor has been ultra-bullish on Bitcoin’s future ever since he started accumulating in 2020. Despite several periods of market volatility, Michael Saylor has stood firm and continued to back Bitcoin thus believing in its future.
In one of his recent interviews, Michael Saylor said that more and more nation-states will continue to embrace Bitcoins. He also said how the top regulators have willingly identified Bitcoin as a digital asset. Saylor said that Bitcoin is not a threat to the US Dollar. He added that USD will continue to be the world’s reserve currency while Bitcoin will be the underlying asset of the USD.
Everything starts with a doubt and then it goes BOOM! 🚀🚀🚀
Microstrategy CEO tells millions of Americans that the fiat currency USD will be backed by #Bitcoin 👇👇👇 pic.twitter.com/c48bcqXPFM
— Crypto News Flash (@CryptoNewsFlas3) April 5, 2023
Currently, amid major developments in global geopolitics, there’s a lot of chatter that the USD is on its way to losing its ‘reserve currency’ status. Also, there are a lot of talks around de-dollarization and how nation-states are moving away from it.
Bitcoin proponents believe that this is a golden opportunity for the BTC to rise up to the occasion. During last month’s banking crisis in the US and Europe, Bitcoin showed great resilience. Besides, it has also outperformed several asset classes such as Gold and equities by a huge margin, so far in 2023.
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