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MicroStrategy Buys Bitcoin Dips Following El Salvador’s Lead

For those who can afford it, the recent price drops in Bitcoin have simply provided an opportunity to purchase the digital currency at a lower cost. This has certainly been the case with El Salvador and, more recently, MicroStrategy, as both have moved quickly to take advantage of the price drop and grow their holdings.

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El Salvador soon purchased another 100 BTC when the price fell to $54,000, with the president once again claiming that the coins were obtained at a discount. MicroStrategy, the publicly traded company with the most bitcoin on its balance sheet, has followed El Salvador’s lead. This time, $414 million in Bitcoin was purchased.

With its newest purchase, MicroStrategy has reaffirmed its commitment to continue adding bitcoin to its balance sheet. The firm, led by Bitcoin maximalist Michael Saylor, revealed that it had purchased even more bitcoins to supplement its already outstanding holdings. MicroStrategy’s most recent purchase was for $414 million, which equated to 7,002 BTC added to its balance.

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With this recent purchase, MicroStrategy’s total bitcoin holdings now stand at 121,044 coins. The firm purchased the digital currency for an average of $59,187 per coin, significantly below its all-time high of $69,900 at the beginning of November.

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MicroStrategy has gradually filled its coffers with bitcoin, spending a total of $3.57 billion. Despite the fact that bitcoin has fallen from its all-time high, the firm is still profitable, with an average price of $29,534 per bitcoin.

Although it has the greatest volume of any publicly traded company, MicroStrategy is not the only company that has thrown its hat in the ring with bitcoin. Tesla, the electric vehicle manufacturer, has recently stated that it has bitcoin on its balance sheet. Tesla, which is led by another Bitcoin maximalist in Elon Musk, has 48,000 BTC on its balance sheets, which are currently valued roughly $2.99 billion.

Galaxy Digital is led by Mike Novogratz, an ardent crypto bull who has repeatedly emphasised bitcoin’s potential. The company also has 16,402 bitcoins on its balance sheet, which is worth $956.69 million in today’s dollars.

Square Inc., led by Twitter CEO Jack Dorsey, owns 8,027 BTC, while Marathon Patent Group has around $280.7 million in bitcoin (4,813 BTC).

A constant characteristic among all of these businesses is that, regardless of when they entered the market, they are all profiting by at least 100 percent of the value of bitcoins at the time of purchase.