Bitcoin buying continues as MicroStrategy buys $1billion worth of Bitcoin

MicroStrategy is a Virginia based software company. On Wednesday, February 24th, 2020, the company announced that it bought about $1 billion worth of Bitcoin.  The purchases was made soon after MicroStrategy raised some funds via selling of convertible debt. 

According to people familiar with the matter, MicroStrategy bough $1 Billion worth of bitcoins at an average price of $52,765 per bitcoin.   This recent purchase bring MicroStrategy's total digital token holdings to 90,531.  

The company along with Tesla, and Square Inc have strong belief that Bitcoin will be profitable in the future, As a result, they are positioning themselves for what is to come. They want to be in early before bitcoin prices goes sky high. 

"MicroStrategy said Wednesday the average purchase price of all its bitcoin purchases is $23,985 per digital token. It has spent $2.171 billion on bitcoin. Based on the price of bitcoin Wednesday morning, the firm’s holdings were worth nearly $4.5 billion." - CNBC.

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