MicroStrategy Bought $25 Million In Bitcoin During Last Month's $500 Billion Crypto Market Crash

MicroStrategy Bought $25 Million In Bitcoin During Last Month's $500 Billion Crypto Market Crash

#Bitcoin #BTC #Cryptocurrency #Ethereum #ETH #Binance #Bittrex #Coinbase #Microstrategy

Despite crypto market turmoil, the firm continued to make purchases.

Last month, the San Jose, California-based company reported that it had sold $25 million worth of bitcoin during a major crypto market crash.

The digital currency began falling from an all-time high of nearly $20,000 in mid-December, dropping as low as $3,000 by the start of February. But this week it experienced a massive recovery, soaring by more than $1,000 per bitcoin. On Tuesday, the price of a single bitcoin was at around $7,500.

Despite the fluctuations, the company, which offers software to Fortune 500 enterprises and government agencies, told the Post that its purchases have continued.

"We think bitcoin is an important part of the future of money," Struthers said. "We like what it represents and we're buying into it."

Struthers told the Post that while the amount of bitcoin that the company has purchased may seem large, it is well within the company's needs. When asked if the company's buying had made the firm's employees more bullish on cryptocurrencies, Struthers did not comment.

"We think it's a great long-term growth industry," he said.

MicroStrategy has been tracking bitcoin price moves for months. Struthers told The Associated Press in December that he'd noticed a surge in interest.

The large purchases may have been part of a seasonal trend. "A lot of people seem to be buying bitcoin and selling bitcoin — some of them multiple times — and so we're sitting on some bitcoin," he said at the time.

"It's been a crazy month. Absolutely crazy. But, as always, the prices are weird," he added.

This article was originally published at DailySignal.com. Used with permission.

Lead photo via YouTube/Business Insider

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This article was originally published at DailySignal.com

Lead photo via YouTube/Business Insider

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