MicroStrategy CEO explains purchase strategy behind massive Bitcoin investment
The software manufacturer’s strategy underscores its belief in the crypto market.
The large software manufacturer MicroStrategy has dominated the headlines in the crypto industry for several days, as the mainstream company initially invested US $ 250 million in Bitcoin ( BTC ) and then invested another US $ 175 million in the market-leading cryptocurrency.
The investment process via the blockchain took almost 100 hours
“To acquire 16,796 BTC, we had to process transactions for 74 hours. We carried out a total of 88,617 trades, each with a value of 0.19 BTC and executed every 3 seconds, ”said MicroStrategy CEO Michael Saylor in a tweet on Friday .
That was just under „39,414 US dollars per minute, whereby we were always ready to buy up 30-50 million US dollars within a few seconds if the price had gone 1 – 2% down,“ as Saylor’s strategy of his company explained. Accordingly, MicroStrategy might have struck in large quantities at a lower price if the opportunity had arisen.
The software manufacturer is one of the largest mainstream companies that dares to venture into the crypto market so bravely. Initially, MicroStrategy had ventured into the deep end with a whopping investment of 21,454 BTC, which was equivalent to the equivalent of 250 million US dollars at the time, according to a corresponding announcement on August 11th.
The company later bought a further 16,796 BTC , which also took a certain amount of time
The MicroStrategy CEO reiterated his belief in the crypto market leader in retrospect and said that Bitcoin can easily scale as a store of value . This has been questioned time and again in the past , with Saylor seeing the so-called off-chain transactions as a solution.