Global technology giant MicroStrategy has purchased an additional $10 million worth of Bitcoin with an average price of $31,808, according to an announcement from CEO Michael Saylor.
The company now owns 70,784 Bitcoin worth around $1.13 billion at the time of writing.
The most recent purchases comes after a corrective move to the downside in the price of Bitcoin, with the world’s largest cryptocurrency slumping from $35,700 to $29,000 over the past 48-hours.
Bitcoin has since recovered to $32,400 following a flurry of buys in the lower $30,000 region.
MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.https://t.co/zMJSH29bmC
— Michael Saylor⚡️ (@saylor) January 22, 2021
MicroStrategy is one of multiple companies that has invested in Bitcoin following last March’s crash to $4,000, with Square purchasing $50 million worth of Bitcoin late last year while insurance giant Massachusetts Mutual unveiled a $100 million investment in the asset.
In a stark contrast to 2017, the recent rally in the price of Bitcoin has undeniably been driven by institutional demand as opposed to retail mania.
According to Google Search trends, the amount of people typing “buy bitcoin” into Google in December was 80% lower than in December 2017 at Bitcoin’s previous all-time high.
Google searches are, however, expected to more than double in January of this year when figures are complete at the end of the month.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.