Third Bitcoin Purchase in 2020 for MicroStrategy
MicroStrategy brought in 2020 a new dimension in the financial world, moving on purchasing large amounts of Bitcoin, looking for replacing cash and fiat currencies in the company’s reserves. This means that the company wants to hedge its current portfolio with cryptocurrencies.
In this strategy, MicroStrategy had purchased in August $250 million worth of Bitcoin and in September another $175 million. In 4 December, MicroStrategy purchased another $50 million worth of Bitcoin, raising its total position at $425 million, not taking under consideration the price surge during the last month.
MicroStrategy’s strategy seems to have a positive impact in investors and market as its stock price surged over 170 % since last summer. MicroStrategy’s choice will be followed from other companies, creating positive vibes for crypto trends.