Bitcoin price holds steady as MicroStrategy buys $175M more Bitcoin
MicroStrategy has acquired an additional $175M more in Bitcoin, increasing their total BTC holdings to $425M. The average purchase price of these Bitcoins comes out to approximately $11,111, including fees and expenses. Bitcoin price action is still in a holding pattern, as prices failed to break past $11,000 as Ethereum continues to rally past $380.
Will MicroStrategy be one of the forefront leaders in shifting dollar assets to Bitcoin?
Jack Dorsey continues his support of the crypto space
Meanwhile, billionaire CEO of Twitter and Square, Jack Dorsey, has said in an interview with Reuters that Bitcoin is probably the best native currency of the internet. Dorsey states: “I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.” He also goes on to note that Bitcoin was born in the internet age, and is consensus driven, just like the internet, stating “The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns; it was built on the internet.”
We love when crypto is in the limelight, and this week’s endorsements made it shine pretty bright.
Key Crypto Headlines
“In this conversation, we discuss how Michael built MicroStrategy, what his $500 million dilemma earlier this year was, and why he chose to put more than $400 million into Bitcoin with the company’s balance sheet.”
“Back in 2013, Michael Saylor, CEO of business intelligence giant MicroStrategy, posted a tweet against Bitcoin, forecasting a grim future for the asset. Fast-forward to 2020, during which Saylor’s company now holds a major bullish position in BTC.”
“Miners on crypto’s second-biggest blockchain had a bumper day Thursday, earning a record $16 million for conifrming a growing number of DeFi-related transactions.”
“The original stock-to-flow model is calling time on Bitcoin’s phase at around $10,000, and it’s not been wrong so far.”
“Bitcoin is again looking to establish a foothold above $11,000 on Friday, although the technical charts are anything but stridently bullish.”
“Crypto exchanges Poloniex and KuCoin are set to research the crypto industry together, hope to benefit the whole sector.”
It was a busy week with The Trading Show, virtually taking place September 15–17. We had three Hehmeyer team members, Chris Hehmeyer, David Nuelle, and Mike Ossowski, join panels to discuss all-things markets. While this year’s show was undoubtedly different than others, the conversations were as thought-provoking as ever.