Business Intelligence firm MicroStrategy has again expressed their faith in Bitcoin after they invested another whopping $10 million in the crypto when the price plunged below $30,000.

According to the company’s filing, MicroStrategy purchased 314 bitcoins for $10 million, at an average price of $31,808 per BTC. The company now holds 70,784 Bitcoins purchased at an average purchase price of $16,035 per BTC.

The firm’s CEO, Michael Saylor, said that the purchase is in line with MicroStrategy’s treasury reserve policy. He said the return on investment on BTC is higher than that in the shares of early-stage tech companies.

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He also believes that large amounts of money are coming to the crypto market from traditional markets such as forex, stocks, and bonds.

He also believes that large amounts of money are coming to the crypto market from traditional markets such as forex, stocks, and bonds.

Plans MicroStrategy has for all this Bitcoin

The firm is no newbie in the crypto space. With its investments in Bitcoin, it undoubtedly marks a Bitcoin Whale that can influence the market now or later.

In the past, Michael Saylor has confirmed that all BTC the firms are buying are to be hodl. He said the firm could hold them for as long as 100 years.

The business intelligence firm entered the crypto space between August and September 2020, buying BTC worth $425 million.

It first invests $250 million investment in Bitcoin. Afterward, the firm announced an additional investment of $175 million, bringing the total to 38,250 at an aggregate purchase price of $425 million.

Bitcoin an investment, not a hedge for MicroStrategy

Michael Saylor, the CEO, revealed that the firm did not just arrive at investing in Bitcoin. He said that MicroStrategy settled for Bitcoin investment after severe discussions with investors and decision-makers of the firm.

He also said that the firm’s Bitcoin is not a speculation or a hedge. Instead, he said it is a deliberate corporate strategy to adopt the Bitcoin standard.

According to Saylor, they settled for Bitcoin when they discovered other assets are vulnerable to taxes and ridiculous fees. He disclosed that other assets unaffected by taxes or fees were unsuitable or controlled by a body or government.

Saylor then acknowledged that Bitcoin gets better with time. He called it the “hive of cybernetic hornets protected by a wall of encrypted energy.”

The MicroStrategy CEO also deems Bitcoin to be superior compared to other cryptocurrencies like Ethereum.