MicroStrategy, the company founded by Michael Saylor, has acquired $190 million in bitcoin, Can the Rally Heat up?

After buying 4,167 more bitcoin for about $190.5 million, MicroStrategy now owns 129,218 coins worth more than $6 billion.

CONCLUSION

  • Another 4,167 bitcoins were bought by MicroStrategy for about $190.5 million, making its total about $6 billion.
  • There were a lot of purchases between February 15 and April 4, and each one cost $45,714.
  • A crypto lender gave MicroStrategy a $205 million loan last month so that they could buy even more bitcoin.

They were bought between February 15 and April 4, a company said on Tuesday, for an average price of $45,714. At this time, the price is just below $46,000.

MicroStrategy got a $205 million loan from a crypto lender called Silvergate Bank last month to buy more bitcoin. These new acquisitions come at the same time as that. The three-year term loan is backed by about $820 million worth of bitcoin, which is worth a lot.

Michael Saylor, the CEO of MicroStrategy, has been a big fan of bitcoin for a long time and has no plans to sell it at this time. He recently said that bitcoin is the only thing in the world that can't be made, and gold, real estate, and "everything else" that can be made didn't even come close.

He thinks bitcoin is "magical" because there are only 21 million tokens that can be made, unlike other assets that can be made as many times as people want to buy them.

MicroStrategy, a company that makes software for businesses, is one of a number of companies that are adding bitcoin to their balance sheets.

Heat up? Is the BTC Rally going to get better?

Bitcoin's rise has been helped by institutions buying bitcoin, which has helped push the market in the right direction. At the time of this writing, the price of bitcoin was $46,674.09.

Bitcoin prices rose 1.31 percent on the daily chart after MicroStrategy said it was going to buy it, which gave it a small boost. In March, the price of BTC reached $48,200, the highest level it has been at since 2022.

BITCOIN
BTC Price Action | Source: FXEmpire

Some of the recent rise in the price of Bitcoin has been caused by big businesses buying it. The Terra community also bought BTC, which helped make BTC strong. At the start of April, the Terra community had bought 30,727 BTC in order to boost their stablecoin reserves even more.

During the short term, the king coin could see a big rise if institutions keep pushing people to buy BTC in the market

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