MicroStrategy, the cloud solution giant has bought an additional $15 million worth of Bitcoin at $55,387 adding 271 BTC to their $2 billion-plus bitcoin holdings. The most recent purchase takes the total number of bitcoins held by MicroStrategy’s parent company MSCI Inc to 4.75% of the total 21 million that can be mined.
Michael Saylor, the CEO of the Fortune 500 company came down heavily on Musk for his outlandish claims and called his per-transaction energy consumption ironic since the miners on the Bitcoin network spend an average $1 million a day in electricity bills and burn through 20 times more power than all of Seattle. These facts were highlighted by another firm, C3 Labs, who in fact made use of their own custom mining hardware to conduct a speciﬁc calculation that placed one Bitcoin transaction at 998 kWh or enough electricity to power a house for 9 days.
The Bitcoin Play That Could Make MicroStrategy the Biggest Hodler Among Fortune 500 Companies
MicroStrategy says they now have over 91,000 BTC, so it’s safe to assume that at current exchange rates the dormant bitcoin stash is worth billions. It would also make MicroStrategy one of the largest institutional holders of bitcoin in the world by a significant margin. To encapsulate the growth of bitcoin as an asset class in a usable form. The firm started using bitcoin as a treasury hedge instead of US Dollar and it has paid dividends that surpass its total revenue generated over the years through product and service offerings. The Bitcoin Investor Conference held on the 21st and 22nd of January at the Four Seasons Hotel in San Francisco presented many groundbreaking ideas surrounding cryptocurrency. Michael Saylor who is CEO of Bitcoin investor, focused his lecture on how to invest in Bitcoins and its future prospects with a few charts provided by Coin Market Cap. Unlike Musk, Saylor has also cleared all the rumours about possibly selling his BTC holdings and claimed that he would never do it. While Bitcoin is currently going through a bearish phase, he believes investors should not panic as this is just a part of the market cycles.