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Date:
02nd Mar 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

MicroStrategy buys more Bitcoin; Fidelity Executive Says Coin Can Hedge Inflation

Just when traders thought Bitcoin would slump towards $30k, MicroStrategy bought another $15 million of BTC, a new filing at the United States Security and Exchange Commission (SEC) shows. Their confidence in the Bitcoin network is unparalleled. It reflects the general sentiment among institutions expecting more upsides, not only on price but also on its role in international trade. Accordingly, they closely monitor Bitcoin's evolution as a borderless alternative currency and a hedge against inflation.


Details: 

MicroStrategy now owns over $2.1 billion of Bitcoin and is the largest public company with significant digital gold's exposure. They are also deep in green, with unrealized profits of over $2.2 billion. Their extra purchase of $15 million and comments from Citi Bank that Bitcoin could play a role in international trade, potentially displacing the greenback, is a boost. At the same time, Jurrien Timmer, the Director of Global Macro at Fidelity, believes the coin has evolved to be treated as a counterweight against inflation thanks in part to its scarcity and baked-in deflationary model. Presently, BTC/USD prices are bottoming up from $43k, retesting $50k. 

Impact on the BTC Price: 

Bullish. The BTC price is bottoming up a few hours after sinking below $44k, much to traders' excitement. Most are optimistic of prices reaching $58k and roaring to a new all-time high towards $100k in the medium term.


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