Bitcoin Crash: Popular Company Buys Half A Billion Dollars Of Crypto.

A popular technology company in the United Kingdom, MicroStrategy, has spent almost half a billion dollars on bitcoin, even as the market keep collapsing.

Michael Saylor, MicroStrategy’s founder and chief executive, said that it had spent $489 million in cash on its 13,005 new bitcoins.

MicroStrategy is a software firm that makes intelligence and analytics software for businesses.

It now holds 105,085 bitcoins, worth about $3.3 billion at current prices.

The new bitcoins were bought at an average price of around $37,617, Mr Saylor explained.

The same announcement was made in a post to MicroStrategy’s investors, on its website.

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At the same time, Mr Saylor posted a tweet that seemed to urge bitcoin holders to keep their belief even as the price goes down.

Mr Saylor continued to promote the technology even as bitcoin’s price fell on Monday, apparently amid fears over new Chinese regulation.

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Fact checked by Onyxnews Nigeria, the price crashed almost 5 per cent earlier today, after it has continue to fall throughout the day.

In the hours after the announcement, the value of MicroStrategy’s new investment continued to fall.

At the time of publication, just a couple of hours after Mr Saylor’s tweet, the price had dropped to under $33,000, down almost 13 per cent on MicroStrategy’s purchase price.

That represents a loss of more than $60 million on MicroStrategy’s investment.

Mr Saylor has publicly said that MicroStrategy is buying its cryptocurrency with a view to the long-term.

 

Credit: The Independent

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