On March 24th, Bitcoin surpassed the $88,000 price mark within hours of announcing its purchase of BTC worth $584 million.
Recently changed to “Strategy,” MicroStrategy revealed that it had purchased 6,911 BTC from March 17 to March 23 for about $584.1 million in cash.
Headed by co-founder and executive chairman Michael Saylor, MicroStrategy has been pursuing an aggressive Bitcoin acquisition since 2020. It is Bitcoin’s largest corporate holder, with 506,137 BTC.
In fact, the company holds 2.37% of its total Bitcoin supply, following Bitcoin Trays.
Bitcoin prices quickly rose above the $88,000 price after the announcement, reaching $88,713.83.
Saylor is the largest list of famous Bitcoins that it predicted on March 20th that cryptocurrency would reach $13 million over 20 years. Speaking at the Digital Asset Summit, he emphasized Bitcoin’s legal status as a product rather than security.
“I can stand here and I think Bitcoin will cost $13 million over 20 years. I couldn’t say that about security, right?” Saylor said.
Kingcoin has been struggling to touch the price mark for the past few days. It was the first day since March 8th that BTC was able to reach the $88,000 price mark.
At the time of pressing, BTC was trading at $87,941.46 according to Kraken’s price supply.
MSTR, a common stock of MicroStrategy, responded positively to the news. It was trading at $325.99 at the time of writing, as it recorded a 7.16% increase compared to the end of the previous day.