Microstrategy CEO Michael Saylor is a fan of Bitcoin, and his company continues to buy the digital currency. Leading trader Willy Woo has explained the reasons why Microstrate continues to buy bitcoins.
to the Report Youtudi, Willy Woo, an entrepreneur and one of the leading traders in the digital currency market, explains why Michael Silver continues to buy large amounts of bitcoin with confidence when prices fall.
The microstrategy company bought 5,050 bitcoins worth $ 243 million yesterday. The company also bought $ 177 million worth of bitcoins in August. Microstrategy bought a total of $ 419 million in bitcoin in the third quarter of this year.
Willy Woo shared a new chart of bitcoins held by corporations following the recent acquisition of Microstrategy. A joint stock company is an organization or institution whose shares are publicly listed on the stock exchange.
The data show that after this purchase, the value of microstrategy investment has reached approximately 111,042 bitcoins, equivalent to $ 3.16 billion.
Wu shared his view on the reasons why microstructures hold large amounts of bitcoin. He says other corporations find it easier to buy convertible bonds from Silver and prefer to invest in the digital currency market rather than hold significant amounts of bitcoins. Micro-strategy raised a significant amount of capital to buy bitcoins in December 2020 and early 2021. The company bought $ 650 million worth of bitcoins in December 2020 and $ 400 million in June this year.
Willie Woo believes that microstructure holds bitcoins for many other corporations.
In a chart shared by Wu on Twitter, the total bitcoins held by corporations are estimated at just under 200,000. In this chart, the bitcoin inventories of Galaxy Digital, Square and Tesla are shown separately, and their names are placed in the bottom sections below the name of the microstructure.
Wu said he saw several major bitcoin purchases in last month’s in-chain data. He thinks the data is related to the acquisitions of companies that are currently unknown and expects the details of these acquisitions to be announced in legal reports at the end of the quarter.
I am waiting to see the files related to the end of the current quarter. Last month, significant multimillion-dollar purchases were seen on the network, and it would be surprising if these purchases were made by unnamed companies.
Lee Cooperman, an American billionaire and investor, recently warned companies and small investors to be very careful when buying digital currencies. He believes that bitcoin is incomprehensible and has advised those who are cautious about their future economic situation to go for gold instead of bitcoin, as he thinks this precious metal will be a better tool for storing value.