Michael Saylor Takes Advantage of Crypto Dip, Adds 660 Bitcoins to MicroStrategy Account

Saylor’s company MicroStrategy now holds a total of BTC 125,051, acquired for $3.78 billion (roughly Rs. 2,830 crore).

By Radhika Parashar | Updated: 2 February 2022 14:49 IST

Michael Saylor Takes Advantage of Crypto Dip, Adds 660 Bitcoins to MicroStrategy Account

Photo Credit: Michael Saylor/ Twitter

MicroStrategy now holds a total of 125,051 Bitcoin tokens in its account

Highlights

Michael Saylor announced the development on Twitter
Saylor paid for fresh Bitcoins in cash
660 Bitcoins costed him $25 million (roughly Rs.190 crore)

Micheal Saylor, the CEO of US-based business intelligence firm MicroStrategy has bought a fresh batch of 660 Bitcoin tokens as the crypto market registers heavy losses. In an official update, the 56-year-old businessman said that each Bitcoin he purchased during the dip costed him $37,865 (roughly Rs. 28 lakh) and he paid a total of $25 million (roughly Rs.187 crore) for his new tokens. His company account now holds a total of 125,051 Bitcoins, which Saylor claims to have acquired for $3.78 billion (roughly Rs. 2,830 crore).

Saylor's business intelligence company MicroStrategy has been purchasing Bitcoins since 2019.

MicroStrategy has purchased an additional 660 bitcoins for ~$25.0 million in cash at an average price of ~$37,865 per #bitcoin. As of 1/31/22 we #hodl ~125,051 bitcoins acquired for ~$3.78 billion at an average price of ~$30,200 per bitcoin. $MSTR https://t.co/bF6VImC0Qy
— Michael Saylor:zap:️ (@saylor) February 1, 2022

Last year between November and December, the company bought two loads of Bitcoins at a per-token average prices of $57,477 (roughly Rs. 45 lakh) and $49,229 (roughly Rs. 35 lakh).

Saylor is a Bitcoin enthusiast and is known to defend the cryptocurrency against non-supporters.

He has reportedly predicted that in the coming years, the per-token value of the world's oldest cryptocurrency, Bitcoin, could reach $6 million (roughly Rs. 45 crore).

The entrepreneur is an active member of the Bitcoin Mining Council, and his company is the first publicly listed firm to invest in Bitcoin.

However, Saylor is not the only one to make it load up on Bitcoins when its value dips.

Nayib Bukele, the President of El Salvador also regularly indulges in discounted Bitcoin shopping. The central American nation declared Bitcoin as a legal tender last year and likes its treasury filled with Bitcoin tokens.

In January this year, El Salvador purchased a batch of 410 more tokens for $15 million (roughly Rs. 110 crore) after Bitcoin prices fell as low as $35,000 (roughly Rs. 25 lakh) from $42,270 (roughly Rs. 30 lakh) in recent times.

Several world governments including the US, India, and Russia are finding ways to regulate the crypto sector, leaving investors fearful and confused.

In addition, some countries like Iran have imposed temporary bans on crypto mining due to electricity shortages.

With these reasons lining up, the crypto market shed over $1 trillion (roughly 70,00,000 crore) since November last year, with Bitcoin's current market cap of $665 billion (roughly Rs. 50,56,000 crore) sliding down by almost $1.3 trillion (roughly Rs. 1,00,00,000 crore).

While Bitcoin is currently trading at around $38,396 (roughly Rs. 28.7 lakh) on international exchanges, the total market cap of the crypto market is $1.770 trillion (roughly Rs. 1,32,48,250 crore) as per CoinMarketCap.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Bitcoin, MicroStrategy, Michael Saylor, Cryptocurrency

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More