On Tuesday, the NASDAQ-listed business services company MicroStrategy bought $175 million worth of Bitcoin. This came just weeks after the company siphoned $250 million into the leading cryptocurrency, citing its ability to act as a reserve asset better than U.S. dollars. At the time, company chief executive Michael J. Saylor said:
“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
This was a stark reversal from Saylor’s previous sentiment about the leading cryptocurrency. The executive said over five years ago that he thought Bitcoin was on its way out.
Commenting on the latest purchase, Saylor said to crypto outlet CoinDesk that this was a concerted effort to make Bitcoin a reserve asset.
The market has rewarded MSTR’s purchase, despite them slightly being at a loss due to the purchase.
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