Buying the Dip: MicroStrategy Purchases Another $82,400,000 Worth of Bitcoin Amid Crypto Market Doldrums

By Daily Hodl Staff

MicroStrategy CEO Michael Saylor says that the enterprise analytics firm is doubling down on Bitcoin (BTC) and buying the dip once again.

According to Saylor, MicroStrategy just purchased an additional 1,434 BTC for approximately $82.4 million at an average price of about $57,477 per Bitcoin.

Saylor says to his 1.9 million Twitter followers that MicroStrategy now owns a total of 122,478 BTC, which the company acquired for $3.66 billion at an average price of $29,861 per Bitcoin.

Saylor mentions that Bitcoin is taking gold’s place as the “most desirable store of value.”

BTC is currently trading at $48,697.37 and is down 2.63% on the day and nearly 25% from its all-time high a month ago.

He also tells Yahoo Finance that BTC has a lower level of risk than other assets or forms of property and that there is a need for a “nonsovereign store of value that will move at the speed of light on technology networks.”

MicroStrategy’s 122,478 BTC trove is worth more than $5.95 billion at time of writing.

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Featured Image: Shutterstock/Mia Stendal/Sensvector