MicroStrategy and Public companies now Hold $38 Billion in BTC
Data from Bitcoin Treasuries reveals that MicroStrategy and other leading companies now hold over $38 billion at a time when Bitcoin prices continue to contract, oscillating within a $10k zone with caps at $30k. MicroStrategy is ramping up the digital gold purchase citing its superior properties, making it a hedge against central bank-induced inflation. The CEO of MicroStrategy, Michael Saylor, is convinced holding BTC as part of their treasury reserves is a long-term strategy rather than holding USD.
Supporters say Bitcoin, due to its fixed supply and transparent nature, is a store of value that's resistant to manipulation. Further spurred by the rapid, exponential price gains of the digital asset in 2020, most public companies continue to invest in Bitcoin. The latest to buy the dip is Marathon Patent Group, a Bitcoin mining firm, which purchased $150 million of BTC. It is a NASDAQ-listed company whose CEO said buying into BTC accelerates their transformation into a "pure-play bitcoin investment option" for crypto traders. Overly, public companies' involvement, including those who form a big part of the crypto and Bitcoin ecosystem--like Riot Blockchain and Hut 8, channel liquidity into Bitcoin, supporting prices above important support levels closely tracked by traders.
Impact on the BTC Price:
Bullish. The more public companies participate, swapping cash for Bitcoin, the higher BTC prices will print. Their involvement will sustain the upside momentum and close above the $40k sell wall as we advance.
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