Strategy Is Buying Bitcoin Again. Here's What That Means for the Price of Bitcoin.
Strategy is back to buying Bitcoin after a summer of sales. The headlines matter more than the coins.
Overview
Strategy (NASDAQ: MSTR) owns 4% of all the Bitcoin (CRYPTO: BTC) in existence. Not 4% of the Bitcoin that trades on a given day; 4% of every coin that will ever exist. The company formerly known as MicroStrategy holds 845,050 of them. And in late August, after a summer of quietly selling, it started buying again. In three weeks, Strategy added 4,603 coins for a total price of $370 million. The average price was $80,318 per coin.
So a massive Bitcoin whale is getting back in the blockchain pool. Will these purchases raise the water level?
Image source: The Motley Fool.
Details
Source
Originally published at www.fool.com.
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