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Revisiting MicroStrategy's Massive Bitcoin Bet on Its 1-Year Anniversary

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Wed, 08/11/2021 - 18:44
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Alex Dovbnya
MicroStrategy ventured into Bitcoin exactly one year ago
Revisiting MicroStrategy's Massive Bitcoin Bet on Its 1-Year Anniversary
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Business intelligence firm MicroStrategy officially made its massive bet on Bitcoin exactly one year ago today.

On Aug. 11, the Virginia-based company announced that it had plowed $250 million into the largest cryptocurrency, and the industry hasn’t been the same since then.

MicroStrategy has opened a Pandora's box of corporate adoption, prompting the likes of Square and Tesla to follow suit with their respective Bitcoin buys.

Moreover, it launched a speculative attack on the U.S. dollar by issuing zero percent yielding debt in order to purchase more coins.

Despite being a former Bitcoin skeptic, CEO Michael Saylor has morphed into one of the most vocal cheerleaders of the largest cryptocurrency. As reported by U.Today, the Twitter follower count of the yachtophile recently surpassed 1 million followers because of his strong advocacy within the community.

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Talking numbers

Since announcing its initial cryptocurrency investment, the MicroStrategy stock is up 448 percent.

In turn, Bitcoin is 308 percent since that day despite a massive correction that occurred in mid-May.   

MicroStrategy currently owns 105,084 coins that are cumulatively worth $7.2 billion. Their cost basis is $2.74 billion.

Earlier today, Bitcoin hit $46,787 on the Bitstamp exchange, its highest level since May 16.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.