MicroStrategy Purchases Additional 1,434 Bitcoin at $82.4 Million

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MicroStrategy CEO Michael Saylor has confirmed that his company has purchased an additional 1,434 bitcoins for $82.4 million in cash at an average price of $57,477. The latest BTC purchase comes as Saylor declares that ‘cash and credit are crumbling.’

As of Dec 9, the MicroStrategy holds 122,478 bitcoins, acquired for $3.66 billion at an average price of $29,861. At the time of press, the value of MicroStrategy’s bitcoin holdings is $6.08 billion. This means that MicroStrategy has recorded a healthy $2.42 billion profit from its bitcoin acquisition strategy.

In a Wednesday interview on YouTube, Saylor explained why bitcoin is so preferable to the CEO compared to holding cash reserves.

“Every company on Earth is sitting on a balance sheet that is normally cash and credit. With a few exceptions, everybody is holding some kind of US dollar or Euro or the local fiat currency, and if they want an alternative to that they’re holding low-risk debt, sovereign debt – and if they’re really risky they’re holding some other debt.

“So that’s cash and credit, and cash and credit are crumbling. They’ve always been crumbling, but now they’re crumbling at a faster rate. In good times they’re crumbling at 7% a year, and in bad times they’re crumbling 10 or 15 or 20% a year. In horrific times, like if you’re in Venezuela, Argentina, Lebanon it’s crumbling at 60-80% a year. That’s hyperinflation.

Source and continuation of news: https://beincrypto.com/microstrategy-purchases-additional-1434-bitcoin-at-82-4-million/