Assets, Bitcoin

When Did MicroStrategy Buy Bitcoin?

MicroStrategy, a publicly-traded business intelligence company, made headlines in August 2020 when it announced that it had invested $250 million in Bitcoin. The move made MicroStrategy one of the largest companies by market capitalization to invest in Bitcoin.

The company’s CEO, Michael Saylor, has been a vocal advocate of Bitcoin since 2019. In an interview with CNBC in October 2020, Saylor said that he believes Bitcoin will eventually replace gold as the world’s reserve currency.

MicroStrategy’s investment in Bitcoin was part of a larger trend of institutional investors buying up the cryptocurrency in 2020. Companies like Square and Stone Ridge Asset Management also made significant investments in Bitcoin during the year.

The price of Bitcoin has surged in recent months, reaching a new all-time high above $40,000 in January 2021. MicroStrategy’s investment has paid off handsomely, with the company’s share price quadrupling since August 2020.

It remains to be seen if more mainstream companies will follow MicroStrategy’s lead and invest in Bitcoin. But with institutional interest in cryptocurrency on the rise, it seems likely that we will see more corporate investors jumping on the Bitcoin bandwagon in the months and years to come.

Previous ArticleNext Article