Such an effort may show long-term dedication to the asset class.
In recent days, Conventional business intelligence behemoth MicroStrategy has made a number of headlines for its initial Bitcoin ( BTC) investment of $250 million. The business later invested a subsequent $175 million into the asset, a long effort totaling nearly 100 hours of work.
“To acquire 16,796 BTC (disclosed 9/14/20), we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each 3 seconds,” MicroStrategy CEO Michael Saylor said in a tweet Friday.
Approximately “$39,414 in BTC per minute, but we were prepared to buy $30-50 million at all times in a few seconds if we got lucky with a 1-2 % downward spike,” he said, referring to the ability of the organization to buy BTC at a cheaper price, if the opportunity arose.
One of the most recent mainstream giants joining the crypto space is MicroStrategy. According to an Aug. 11 statement, the organization took a leap of confidence in Bitcoin, raising 21,454 BTC, worth $250 million at the time, placing the coin in place as a reserve asset for the business.
The organization purchased an additional 16,796 Bitcoins after the initial investment, which took a bit of time and effort, as seen in Saylor ‘s tweet.
Although showing mainstream interest in the asset, the Bitcoin pickup on a mass scale also showed the coin can scale effectively as a store of value â€” a question in people’s minds since 2017, when the network slowed drastically while also demanding high transaction fees.