Bitcoin Price May Soon Rise, MicroStrategy Invests More than USD 1 Billion in Most Valued Token

There has been volatility in the crypto market for the last few weeks. This has also affected Bitcoin, the largest cryptocurrency in terms of market capitalization. However, Bitcoin is showing signs of recovery. American software company MicroStrategy has purchased approximately $1.1 billion in this most popular cryptocurrency. This company has purchased approximately 18,300 bitcoins.

In a filing given to the US Securities and Exchange Commission, MicroStrategy has said that these bitcoins were purchased between August 6 and September 12. This is the company’s largest purchase of Bitcoin in the last three years. Earlier, MicroStrategy had purchased 19,452 bitcoins in February 2021. It has approximately 2,44,800 bitcoins. Their value is approximately 14 billion dollars. This is approximately one percent of the total amount of Bitcoin available.

BlackRock’s iShares Bitcoin Trust is the largest Bitcoin fund with approximately $20 billion. MicroStrategy’s corporate strategy includes buying cryptocurrencies. It started buying Bitcoin about four years ago. The company’s chairman, Michael Saylor, cited the reason for this as a hedge against inflation. For this reason, Bitcoin supporters also praised MicroStrategy. The company’s shares have increased more than double this year.

At the end of last year, MicroStrategy and its subsidiaries purchased approximately 14,620 bitcoins at an average price of approximately $42,110. This step was taken by the company to preserve the value of its reserve assets. Due to this, buyers of the company’s shares also increased. Recently, America’s Federal Bureau of Investigation (FBI) had warned that attacks by North Korean hackers on the crypto segment were increasing. Last month, Indian crypto exchange WazirX was also targeted by hackers. There are reports of involvement of North Korean hackers in this case also. Funds worth about $230 million were stolen by hackers from WazirX. This case also had an impact on the crypto market. This raised questions about the strength of security in crypto exchanges. To avoid these hackers, the FBI has advised not to store information related to login, password and private keys of cryptocurrency wallets on devices connected to the internet.