Crypto Analysts across the world have earlier predicted that the year will witness many more institutional investments in leading cryptocurrencies like Bitcoin, especially after Tesla’s $1.5 billion purchase of the cryptocurrency. Since early last year, many large corporations have turned to digital assets like Bitcoin to commit their treasury.
The move was believed to be fuelled by the economic crises of 2020, which had seen many economies and firms dip in fortunes. However, the latest news regarding the institutional investment of Bitcoin comes from famous business intelligence firm Microstrategy, which has now purchased 19,452 Bitcoin, valued at about $1 billion at today’s prices.
Microstrategy gross Bitcoin portfolio now worth $4.5 billion
The purchase of more Bitcoin by Microstrategy is not a surprise to many who are familiar with the cryptocurrency market activities. Micheal Saylor, CEO of Microstrategy, is a well-known Bitcoin advocate and analyst who many believe may have convinced Elon Musk to commit $1.5 billion to the digital asset.
The recent purchase now takes the company’s overall Bitcoin purchases to about 90,500, and if checked with today’s prices, it would be a little more than $4 billion. The firm’s path to Bitcoin started in August 2020, when they bought the digital asset with about $400 million. The intelligent business firm also made large purchases in December of the same year, as they close their year with about 71,079 Bitcoin estimated to be worth about $1.4 billion.
Micheal Saylor has been a firm admirer of Bitcoin. Has he been the fuel to many institutions committing to Bitcoin, providing them free knowledge and business guide sessions. The investment manganate has well improved his firm’s fortune in Bitcoin by almost 100%, considering that they have only invested about $2.5 billion of the current $4 billion in the portfolio into the cryptocurrency.
Microstrategy leading institutional investment in Bitcoin
Microstrategy continues to lead the institutional investment in Bitcoin, with reports suggesting that the firm are currently the largest publicly known institutional investors in the cryptocurrency. Jack Dorsey’s Square, this week, has also bought more Bitcoins with $170 million, increasing their Bitcoin investments.
Micheal Saylor and Jack Dorsey are well-known Bitcoin admirers and analysts who have recently spent most of their time on social media, educating their followers about Bitcoin. Last August, Micheal Saylor, when quizzed about his thoughts on Bitcoin, described the assets as digital gold, believing that the assets fortunes will change the way the world sees money. The businessman has not hidden his admiration for the digital asset, and he is currently organizing online courses for a large corporation considering adopting Bitcoin.
The recent investments of Microstrategy and Square this week, despite a dip in Bitcoin fortunes, further shows that the digital assets will continue to increase in institutional investments as predicted by analysts. A situation that confirms analysts’ predictions who predicted that institutional adoption wouldn’t the assets’ fortunes to top five most valuable companies globally and increase the fortunes of the cryptocurrency space overall.