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HomeCrypto NewsMicrostrategy Purchases More Bitcoin -- CEO Says Bitcoin is Taking Gold's Place

Microstrategy Purchases More Bitcoin — CEO Says Bitcoin is Taking Gold’s Place

Microstrategy purchased more bitcoins in less than two weeks from its last bitcoin purchase. The company has added 1,434 coins to its treasury, bringing the total holdings to 122,478 coins. The company’s total bitcoin stash was worth approximately $6 billion at the time of writing.

Microstrategy Buys 1 ,434 Additional Bitcoins
Microstrategy, a Nasdaq-listed company, has bought more bitcoin. Thursday’s announcement by CEO Michael Saylor:

Microstrategy has purchased an additional 1,434 bitcoins for ~$82.4 million in cash at an average price of ~$57,477 per bitcoin. As of 12/9/21 we hodl ~122,478 bitcoins acquired for ~$3. 66 billion at an average price of ~$29,861 per bitcoin.

Before this latest purchase, Microstrategy bought 7,002 bitcoins at the end of November.

At the time of writing, the price of bitcoin is $48,736. 87 Based on data from Bitcoin.com Markets. This means that Microstrategy’s Bitcoins now amount to almost $6 billion.

Saylor believes bitcoin will be a $100 trillion investment class. He also noted that gold is losing to the cryptocurrency. He stated that digital gold will replace gold in the next decade.

On Yahoo Finance Live, the CEO of Microstrategy discussed global bitcoin adoption. He commented on gold investment and said that bitcoin is threatening gold. “The best thing you could do is sell all $10 trillion of gold and buy bitcoin,” Saylor suggested, adding: “Gold is a dead rock. It is the worst performing asset, without a doubt. It is impossible to hope for it,” he tweeted:

Gold was once the most valuable store of value. Bitcoin is now in its place.

What do you think of Microstrategy’s purchase of more bitcoin and Saylors comments? Comment below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since then. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock. Pixabay. Wiki Commons.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the use or reliance of any content, goods, or services in this article.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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