Despite the latest dip in the price of Bitcoin, large institutional investors remained optimistic about the future of BTC. Long-term holders have not only avoided panic selling, but some of them have bought the recent dip.
MicroStrategy, one of the largest business intelligence firms in the world, purchased an additional 1,434 BTC recently for a total of $82.4 million in cash. The company now has more than 122,000 BTC.
In total, MicroStrategy acquired 122,478 BTC for approximately $3.66 billion at an average price of $29,861 per coin. The business intelligence firm has enhanced its Bitcoin portfolio enormously in 2021. The recent news from MicroStrategy came almost 10 days after the company acquired 7,002 BTC for $414 million in cash at an average price of $59,187 per coin.
Commenting on the latest purchase of 1,434 BTC, Michael Saylor, CEO of MicroStrategy, said: “MicroStrategy has purchased an additional 1,434 bitcoins for $82.4 million in cash at an average price of $57,477 per bitcoin. As of 12/9/21, we hold 122,478 bitcoins acquired for $3.66 billion at an average price of $29,861 per BTC.”
Bitcoin vs Gold
Institutional investors consider Bitcoin as a substitute for gold. In the last few months, investors around the world have transferred billions of dollars from gold investment products to BTC-related investment funds. In a recent interview with Yahoo Finance, Saylor said that gold is threatened by BTC.
"The best thing you could do is sell all $10 trillion of gold and buy BTC. Gold is a dead rock. It's the worst-performing asset, bar none, no debate. There is no hope for it,” Saylor said in the interview.
Furthermore, the CEO of MicroStrategy highlighted the growing adoption of BTC. "I have said it before, bitcoin is going up forever. The only thing that is threatened by BTC is gold,” he added.
