Bitcoin is ending 2021 at lows of $46K, far from the $100K that analysts had predicted. However, the Bitcoin dip is still attracting bullish investors that the primary cryptocurrency will soar in 2022.
MicroStrategy, one of the leading Bitcoin bulls, has announced it is increasing its Bitcoin holdings. In an announcement issued yesterday, the CEO of MicroStrategy, Michael Saylor, noted that the company had bought an additional 1914 BTC valued at $94.2 million.
MicroStrategy expands its Bitcoin portfolio
Following this new purchase, the business intelligence firm now has a portfolio of 124,391 Bitcoin. The company’s entire Bitcoin portfolio is valued at around $3.75 billion, showing that the company bought one BTC at an average price of $30,159.
During a recent briefing, Saylor noted that Bitcoin was digital property and that crypto adoption globally would pick up. Saylor further noted that Bitcoin would also outperform gold as an inflation hedge.
In a tweet regarding the recent purchase, Saylor noted that “MicroStrategy has purchased an additional 1914 bitcoins for $94.2 million in cash at an average price of $49,229 per bitcoin. As of 12/29/21, we hold 124,391 bitcoins acquired for $3.75 billion at an average price of $30,159 per bitcoin.”
MicroStrategy’s stock has also increased by over 30% annually. In February 2021, the stock hit a record high of around $1300, but it has since suffered a price correction. The MSRT stock is currently trading at around $560.
Santiment reports growth in active Bitcoin addresses
In2021, Bitcoin has enjoyed notable gains, not just in prices but also in network activity. In 2021, an increased number of addresses interacted with the network daily. In terms of address activity, 2021 has been the strongest year for the Bitcoin network.
The report from Santiment notes that “It is highly encouraging to see Bitcoin’s address activity break new ground in 2021, and not just on a single-day basis. With its mean daily addresses at 989,000 or just short of 1 million addresses/day, this was also the strongest year to date for Bitcoin’s address activity.” The increased Bitcoin network activity could mean notable adoption for BTC.