Investing in Bitcoin has become a regular thing for all investments as firms and businesses continue to hedge their funds as the dollar continues to decline. But while the investments are noticeable, some more than the others are pooling in funds. With that in mind, Microstrategy, a tech firm, has once again announced that it had increased the amount of leading digital asset, Bitcoin, in its holdings. In the update that was released, the firm claims that it has once again purchased the ‘digital gold,’ bringing the total asset under its care to about $5.4 million.
Microstrategy stocks go up
With most people still associating the bull run that started last year with Microstrategy, the firm has once again fuelled that narrative with its recent buy of 253 Bitcoins. At present, the total digital asset bought by the tech company is said to be around $15 million. After the firm announced the latest purchase, Bloomberg noted that the company stocks took a rather massive turn as it recorded a huge jump of about 3.33%.
Due to the rate at which the company has been pooling funds into the digital asset and the asset’s magnificent performance, firms and analysts have looked at the company as a real target for investors. One such entity is BTIG, a firm that deals in global services, stating that traders should invest in Microstrategy, touting that Bitcoins price could grow to as high as $95,000 in the next few months. The firm further pointed out that since Bitcoin sees a massive price win, Microstrategy would, in turn, be one of the winners.
Traders divided over investing in Microstrategy
Despite BTIGs theory proving to be one of the best that a trader can ever come across in the market, some firms believe that the theory is not correct. Some firms pointed out that with Microstrategy investing in Bitcoin, people would approach their stocks the same way they approach Bitcoin. However, this theory came when the digital asset was selling for close to $23,000.
Some weeks ago, reports filled the air claiming that some top officeholders in Microstrategy were selling off their shares, causing it to tank about 20%. CEO of the firm, Michael Saylor, has communicated that his firm now has 91,579 Bitcoin in its possession which was bought at an average price of $24,000. This means that the firm has been able to rake in profits of about 144% since it bought its first-ever Bitcoin. Microstrategy was one of the forces that pushed Bitcoin to live after the entity announced an investment of about $250 million in the digital asset.