MicroStrategy buys another $250m worth of bitcoin in hope of 100X price growth
Summary
Software firm MicroStrategy has announced the acquisition of nearly a quarter of a billion dollars worth of bitcoin. Chief executive Michael Saylor revealed that his company now holds more than $5 billion of bitcoin, making it by far the biggest corporate investor in cryptocurrency. Follow all the latest crypto market updates with The Independent’s live blog Mr Saylor has previously outlined his twin corporate strategy of developing MicroStrategy’s software business while simultaneously “acquiring and holding bitcoin” with excess cash. As one of the most popular and outspoken advocates of bitcoin on social media, Mr Saylor has become known for his bullish price predictions and his refusal to sell any of the company’s holdings even when its value crashes. “[Bitcoin] is going to subsume the entire gold market cap,” he told CNBC earlier this year.
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