Bitcoin has finally hit the psychological $50, 000 milestone almost immediately after MicroStrategy announced it is purchasing yet another $600 million in bitcoin.
While the new high was short-lived, it now sets a new bar for the digital asset which has been trading sideways in a tussle between bears and bulls.
MicroStrategy, one of the largest bitcoin holders for a publicly-listed and traded company, already sits on over 70, 000 bitcoins, currently worth over $3.5 billion. The new purchase will now put the company’s holdings at over $4 billion in bitcoin, making a stronger case for other institutions to play by the same strategy.
A couple of other factors have contributed to bitcoin reaching these heights, including:
- Tesla’s purchase of $1.5 billion in bitcoin
- Rumors of Morgan Stanley reportedly considering buying BTC
- An additional $1.9 trillion upcoming stimulus by the US government
MicroStrategy’s latest moves can also be credited for this pump in price. The company recently organized a dedicated summit that attracted over 8, 000 executives.
The event, dubbed, ‘Corporate Bitcoin Strategy,’ has helped educate and inform corporations looking to enter the space and how they can participate in the new economy.
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