• Tue. Oct 3rd, 2023

Dedicated Bitcoin Supporters Continue Grazing the Crypto Field Despite the Serious Market Tumble

Hassan Mehmood

ByHassan Mehmood

Feb 25, 2021

It might come out as a surprise for you, but we have supporters regarding movies, football teams, favorite restaurants, and Yes for Cryptocurrency as well. Those who have previously worked or invested in Bitcoin have come forward again to buy more Bitcoin, although the great tumble crypto market seems to be in. Not to mention the great fall Bitcoin’s price has sustained during the single day where it suddenly dropped down to $47k and then again rebounded to $53k the following day. That dedicated Bitcoin backer is none other than MicroStrategy, which is a business intelligence company also providing its services regarding Cryptocurrency. 

MicroStrategy’s Take over the Recent Bitcoin Correction

On Wednesday morning, the company announced that it had spent a little more than $1 billion and, during this transaction, did successfully retrieve 19,452 Bitcoin as of the recent correction. The average price that the company had to spend to acquire Bitcoin was about $52.7K per Bitcoin. 

Further data that has managed to seep through dictates that as of this Wednesday, after this new acquisition of Bitcoin the company has made, it takes their total Bitcoin count to about 90,351 in total. And the total expenditure on this endeavor was about $2.2 billion that is half the current $4.5 billion worth for those Bitcoin.

Accordion to the MicroStrategy’s CEO acquiring new Bitcoin and holding onto them remains the current priorities for the company and possibly for the future as well. The investment that has been made currently into Bitcoin is enough to reaffirm the beliefs and hopes that Bitcoin as the favorite Cryptocurrency around the world can act as a dependable and non-volatile mode of investment for the future.    

Other corporates such as Fintech have also doubled on their initial Bitcoin investment, and it seems nothing less of a ripple effect that is taking the crypto world by storm. If you were observant enough, then you might have observed that Bitcoin’s price and the stock value for all of its biggest supporters and buyers have a direct correlation. If Bitcoin’s price goes up, so does the stock price for the supporting financial corporations as well. This could be just a shot in the dark, but this is something that was also pointed out by an analyst in Tesla’s case; maybe the same is plausible for other financial sectors out there.     


Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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