JAKARTA - MicroStrategy Incorporated, a business software development company from the United States, again showed its trust in Bitcoin by buying an additional 16,130 BTC worth around IDR 8.4 trillion at an average price of IDR 521 million per Bitcoin.
With this purchase, MicroStrategy now has a total of 174,530 BTC obtained worth around IDR 75 trillion at an average price of IDR 430 million per Bitcoin. This makes MicroStrategy one of the most aggressive companies in investing its funds into this leading cryptocurrency.
MicroStrategy announced its latest Bitcoin acquisition through its official X social media account on Tuesday, November 30, 2023. MicroStrategy CEO Michael Saylor also posted the announcement on his X account and called Bitcoin a "technically refined crypto ice".
Saylor said that Bitcoin has the potential as a store of value and a hedge against inflation compared to traditional assets such as stocks and gold. He also said that Bitcoin has a shortage and resilience that makes it a better investment alternative.
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MicroStrategy started its Bitcoin strategy in August 2020 by buying 21,454 BTC worth around IDR 3.1 trillion. Since then, the company has continued to increase its Bitcoin assets by utilizing operating revenues, stock sales, and conversion debts.
Although its Bitcoin strategy poses accounting losses to the company, MicroStrategy remains optimistic about Bitcoin's long-term prospects. The company also claims that its Bitcoin strategy has increased visibility, reputation, and public awareness regarding MicroStrategy brands in the market.
Currently, the price of Bitcoin is in the range of IDR 588 million per coin, up about 7.1% in the past month. Thus, MicroStrategy has seen significant profits thanks to a massive investment in Bitcoin that they made several years earlier. MicroStrategy is not alone, Elon Musk's electric car giant company also owns Bitcoin after buying it in 2021.
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