Mainstream business intelligence giant MicroStrategy recently came to prominence with its $250 million bitcoin (BTC) investment. The company then made another $175 million investment in the asset class as a result of a 100-hour effort.
“We traded 0.19 bitcoins every 3 seconds to buy 16,796 Bitcoins and made a total of 88,617 transactions in 74 hours, ” MicroStrategy CEO Michael Saylor tweeted last Friday,” he explained.
“It’s worth about $39,414 a minute, but in the event of a 1-2 percent drop, we were ready to take $30-50 million in a few seconds.”
Saylor said the firm wanted to buy Bitcoin cheaper if there was an opportunity.
MicroStrategy is one of the last mainstream giants to enter the crypto field. According to a statement on August 11th, the company darkened its eyes by purchasing 21,454 BTC, which was $250 million at that day’s exchange rate, and added the cryptocurrency to its asset reserves.
As Saylor noted in his post, the company spent some time and effort buying another 16,796 Bitcoins after the initial investment.
The massive acquisition of bitcoin has proved that while there is interest in the cryptocurrency, it can effectively scale as a store of value.
