Software firm MicroStrategy has announced the addition of more Bitcoins to its balance sheet. This time, the company said it took out a $250 million Bitcoin-backed loan to purchase the number one crypto asset. MicroStrategy noted that it acquired the additional Bitcoin between July 1 and September 12 2021 when the price of the token was slightly above its current price.
MicroStrategy Now Holds $5 Billion Worth Of Bitcoin
Michael Saylor, MicroStrategy’s Chief Executive Officer Michael Saylor stated that following the additional Bitcoin acquisition, the company now holds $5 billion of Bitcoin. This makes it easily the largest corporate crypto investor ahead of Tesla.
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The electronics car maker, co-founded by Bitcoin and Dogecoin enthusiast Elon Musk, holds $1.5 billion worth of Bitcoin.
Mr. Taylor has not hidden his dual corporate strategy of developing the software business of MicroStrategy while acquiring and increasing its Bitcoin holdings with excess cash.
Along with Elon Musk, Michael Saylor is a popular advocate of Bitcoin on social media. Their influence and social media activities surrounding the crypto asset usually have an impact on the crypto’s community perception of the token. In some cases, their social media interactions have coincided with a significant increase in the price of Bitcoin.
Saylor Still Remains Bullish For Bitcoin
Saylor is one of the major crypto holders that have remained bullish in the market. Despite the price fluctuations and the relatively quiet Bitcoin market, Taylor has refused to sell its holdings. Presently, Bitcoin’s market capitalization is $850 billion. But Mr. Saylor thinks the crypto asset has a high potential of surpassing the entire market cap for gold.
Presently, gold’s market cap is more than $11 trillion. “[Bitcoin] is going to subsume the entire gold market cap,” he stated during an interview with CNBC. Saylor added that Bitcoin’s volatility will cut down once its market cap hit $10 trillion. He added that it will have a stabilizing impact on the financial system in the 21st century.
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