Bitcoin whales are just as big as their real-life counterparts, but have a bad reputation. These large cryptocurrency investors are often blamed when the market goes through a downturn. It is also speculated that they are behind market manipulations. However, the largest Bitcoin investor is the one and only MicroStrategy, an investment company who has spent an additional 271 BTC on Bitcoin since the beginning of the new year.
Bitcoin whale MicroStrategy buys additional 271 BTC, which is currently worth around $10.5 million USD (London time) on the open market. Having accumulated their holdings over a period of two months, this purchase marks the first time the whale has bought since February of this year. The move comes after a relatively large number of smaller purchases over the course of the last month, and the current market response has been positive, with Bitcoin gaining approximately $1,000 in value since the news broke.
Virginia-based business intelligence company MicroStrategy has added 271 bitcoins (BTC) to its strategic reserves, underscoring CEO Michael Saylor’s growing confidence in digital assets.
Purchases were made up to the age of 13. May was trading at an average price of $55,387, Sailor reported Thursday. MicroStrategy now has 91,850 BTC on its balance sheet, with an average purchase price of $24,403.
MicroStrategy purchased another 271 bitcoins for $15 million in cash at an average price of ~$55,387 per #bitcoin. On 13/05/2021, we purchased 91,850 bitcoins for $2.241 billion at an average price of 24,403 per bitcoin. $MSTRhttps://t.co/EwZnRkAt6k
– Michael Saylor (@michael_saylor) May 13, 2021
MicroStrategy also reported the purchase in an 8-K it filed Thursday with the U.S. Securities and Exchange Commission (SEC).
Although MicroStrategy’s purchase seems to coincide with the recent correction in the price of bitcoin, spurred by Elon Musk’s sudden decision to stop accepting BTC payments for Tesla cars, the business intelligence company is not adjusting to the market. In February, Saylor said it had no plans to slow its BTC purchases when the company bought another digital asset worth $1 billion.
MicroStrategy tops the list of Bitcoin estimates with a 0.437% share of the asset’s outstanding supply.
MicroStrategy is buying bitcoins because it believes these digital assets are a reliable store of value in light of the systemic devaluation of the dollar. To grow its bitcoin portfolio, the company has even gone so far as to issue debt.
M2 money supply in the United States rose sharply after the 2008 financial crisis and, more recently, after the outbreak of Covid 19. Since February 2020, the money supply has increased by nearly 30 percent to $19.896 trillion, according to the Federal Reserve Bank of St. Louis. Louis. By comparison, the annual growth rate of M2 money supply has never exceeded 15% until 2020.
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