MicroStrategy remains bullish on Bitcoin, buying $414.4 million in BTC

The largest corporation that publicly holds Bitcoin on its balance sheet has added another $414.4 million in BTC.
Since the blockchain intelligence firm started buying Bitcoin, its stock has noted 350% gains.
As Bitcoin price struggles below $60,000, supporters are stepping away from the public eye.
MicroStrategy is considered one of the biggest Bitcoin whales, the purchase of 7,002 BTC has fueled a bullish narrative for BTC price.

Ekta Mourya FXStreet

MicroStrategy is one of the largest corporations that publicly hold Bitcoin. The firm accumulated BTC throughout the month of November, buying Bitcoin dips.

MicroStrategy is bullish on Bitcoin and continues accumulation

The data analytics firm headed by Michael Saylor has accumulated Bitcoin between October 1 and November 29. MicroStrategy revealed the addition of 7,002 Bitcoins to the firm’s portfolio for $414.4 million, at an average price of $59,187 per coin.

The company holds a total of 121,044 Bitcoins acquired at an average price of $29,534 each. Bitcoin price hit closer to a seven-week low over fears of the new Covid-19 strain, dropping below $55,000.

Since the firm started acquiring Bitcoin, its stock price has appreciated by over 350%.

The news of the latest investment comes at a time when there is a fear of further price drop. Key supporters of the asset are stepping out of the public eye.

Jack Dorsey revealed that he is stepping down as CEO of Twitter. CTO Parag Agrawal will replace the BTC proponent Dorsey.

Twitter has dabbled into Bitcoin tips and payments in 2021; the new CEO would work towards taking the firm’s crypto plans further.

Over 87% of wallet addresses holding Bitcoin are now profitable, based on data from IntoTheBlock. Nearly 3 million addresses are now profitable, and MicroStrategy’s bullish move has fueled the BTC price rally and triggered a climb.

FXStreet analysts have evaluated the Bitcoin price trend and believe that the asset has hit bottom and is preparing for a climb to $60,000.

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.