Even Though many are in a confused state to invest in Bitcoins, some institutional investors are focusing only on BTC. Despite the fact that Bitcoin’s price value is unsteady, people fall for it and then click on ‘buy option’ is still rising. We all know that MicroStrategy (MSTR) is one such entity that majorly focuses on bitcoins. It is the first publicly traded company to embrace BTC as its “Primary Treasury Asset”.
Significantly, adding to the past count of Bitcoins by Microstrategy, it has now increased in Bitcoin purchases. According to the recent announcement from the CEO of MicroStrategy, Michael Saylor, the firm has purchased 5,050 bitcoins which now totals 114,042 BTC. The worth of total Bitcoins stands for over $5 billion at the time of writing.
According to Willy Woo, a well-known on-chain analyst, it is simply a matter of “buying the dip?”. He states that it is easier for public companies to gain the exposure of BTC by purchasing rather than holding an underlying asset. Moreover, MSTR holds Bitcoins for many other companies.
Other Firms Purchasing Bitcoins As Well
The chart that follows depicts the number of public companies which hold Bitcoins in large count. Tesla, Galaxy Digital, and Square are other major firms holding BTC in which Square is very low compared to MicroStrategy. Significantly, in total, all corporates hold about 200k Bitcoins. On the other hand, Woo stated that it refers to “undisclosed” corporate purchases. He also added:
“I’m looking forward to seeing the end-of-quarter filings. Last month, there were a couple of significant buys in the billion-dollar range seen on-chain, prompting speculation that they were undisclosed corporate purchases.”
However, some investors believe that Bitcoin is not an eligible asset when comparing to gold. For instance, an American billionaire investor, Leon Cooperman, a Wall Street legend, has raised concerns about purchasing cryptocurrencies. He prefers gold over digital-assets, as Bitcoin does not make any sense, according to him. As a matter of fact, some investors are fond of cryptocurrencies while some don’t have an opinion on crypto-assets.
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