Strategy Buys $1.3 Billion Worth of Bitcoin

Business intelligence firm Strategy has purchased an additional $1.34 billion worth of Bitcoin, according to a Monday announcement. The most recent purchase brings the total number of coins held by the company to nearly 569,000 (a staggering $59 billion at current prices). To put this into perspective, this is higher than the entire GDP of some countries like Mozambique. Strategy’s unrealized profits currently stand at more than $19 billion following the latest price surge. As usual, co-founder Michael Saylor strongly hinted that he was going to announce another major purchase on Friday. The latest Bitcoin buy has been completely priced in, meaning that there was no market reaction. In fact, the price of the leading cryptocurrency has slipped below $104,000 despite a breakthrough in the trade negotiations between the US and China. You Might Also Like According to Bitwise, a total of 80 publicly traded companies now hold Bitcoin on their balance sheet. Fundstrat’s Tom Lee predicted that the leading cryptocurrency is going to become “central” to how companies actually manage their treasuries. Japanese Strategy copycat Metaplanet also recently completed its largest purchase ever, adding $125 million in one go. Casa co-founder Jameson Lopp believes that the best way to counter centralization concerns surrounding Strategy’s massive Bitcoin purchases is for more companies to actually follow its lead. Source: https://u.today/breaking-strategy-buys-13-billion-worth-of-bitcoin