Most recently, mainstream business intelligence giant MicroStrategy grabbed several headlines for its initial investment in Bitcoin (BTC) from 250 million dollars. A few days later, the company poured another $ 175 million into the asset, a sustained effort totaling nearly 100 hours of work.
“To acquire 16,796 BTC (announced on 14/9/20), 74 hours of continuous trading were needed, executing 88,617 trades of about 0.19 BTC every 3 seconds,” has explained MicroStrategy CEO Michael Saylor in a tweet posted on Friday.
Circa “$ 39,414 in BTC per minute, but we were ready at any time to buy $ 30-50 million in seconds in the event of a lucky 1-2% drop,He added, referring to the company’s intentions to buy BTC at a cheaper price if the opportunity presented itself.
MicroStrategy establishes itself as one of the newest mainstream giants to enter the crypto sector. The company took a leap of faith in Bitcoin, accumulating 21,454 BTC, equivalent to $ 250 million at the time, and adopting cryptocurrency as a reserve asset. according to an announcement on 11 August.
Following the initial investment, the company bought another 16,796 Bitcoins, a feat that took a lot of time and effort, as Saylor’s tweet reveals.
In addition to confirming mainstream interest in the asset, the massive buildup of Bitcoin also demonstrated the cryptocurrency’s ability to scale effectively as a store of value, a doubt that has been hovering in the community since 2017, when the network slowed drastically while imposing high transaction costs.
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