MicroStrategy was advised not to buy further Bitcoins by the critics and to see on which side the market tumbles, but it potentially ignored their concerns and went on with buying an additional 262 Bitcoin at a whole cost of about $15 million. This brings the total collection of the MicroStrategy concerning Bitcoin at a thrilling 91,326 Bitcoin purchased for about $2.2 billion and is now worth about $2.98 billion. This happened when Bitcoin took a tumble at $55k and then recovered itself back to $57k shortly afterward.
According to this scenario, the average price that MicroStrategy paid corresponds to about $24.1k for acquiring all these Bitcoins. Gold, as compared to Bitcoin or other cryptocurrencies, is not doing fine at all, and after being the investment medium for people for about various centuries, it has finally left its position vulnerable to digital assets such as Bitcoin.
Governments May Want in on Bitcoin Now; well, Better Late than Never
Governments were among the institutions which were extremely reluctant to join the crypto bash, and after seeing such impressive routine and growth within the crypto market, they are finally ready to cave in, according to a few independent sources. Most likely, the action might come from the sovereign wealth funds if Governments are to become the next buyers of the cryptocurrency, especially Bitcoin.
A concerning reason for this approach might be the rapidly deteriorating health of the Gold in terms of remaining a viable investing element. It did pick up the speed in 2020 when the prices emerged to be about $2k/oz. After that, the decline has been massive, and at the current moment, it all seems kind of a freefall where prices are not coming back to their original position for some time.
Due to this very reason, governments are looking for a more vigilant investing platform which they all can now see in the form of Bitcoin emerging as a bright day of sunshine and hope. If there is a comparison to be made about these two entities, you will know that as of this year’s start, the Gold’s price is down 12%, where Bitcoin’s price has improved almost up to 95%. No wonder why new investors are getting ready to chip in their two cents regarding cryptocurrency.