MicroStrategy Buys $15 Million BTC

Despite the 24 hour market crash sparked by Buterin’s Dump and Tesla’s shocking news, MicroStrategy has moved to buy even more cryptocurrencies.

Tesla and Ethereum Billionaires Spark Crypto Slum

Within the past 24 hours, no less than $300 billion dollars has been lost to the market plummet influenced by Tesla's environmentally friendly news, and Vitalik Buterin’s charity. Ironic developments, especially given the dips were inspired by good causes. 

Tesla CEO, Elon Musk, announced yesterday via Twitter that Tesla would no longer be accepting Bitcoin payments after only making the decision to receive them in February. The company cited the non environmentally friendly methods used to mine Bitcoins by a significant number of mining pools across the world, as its reason for its unexpected U-turn on what had been a lauded decision.

Shortly after Tesla’s announcement, Bitcoin dipped to $45k, before rebounding some hours later.  Unlike BTC’s recovery, Shiba Inu (SHIB) has found it hard to recover. Ethereum’s co-founder, Vitalik Buterin who holds almost half of the total SHIB coin in circulation moved $2 billion dollars worth of cryptocurrencies, while Tesla’s smoking gun was yet to settle. Buterin, the world's youngest crypto billionaire donated $ 1 billion SHIB to India Covid Relief and other charities, before moving $1.3 billion worth of Ethereum to a seperate wallet. 

The crypto industry has seen some more acceptance than ever in recent times. However, what has become even more clear, especially in the past 24 hours, is the power that influencers like Musk and Buterin have in determining trends and charts on the cryptocurrency market.

MicroStrategy Buys $15 Million BTC Amidst Musk and Buterin's Dump

It’s been a hectic 24 hours in the crypto market. And while Tesla and Buterin’s moves in the past 24 hours have seen a lot of bearish movement in the crypto market, American Tech and Intelligence company, MicroStrategy announced it was moving forward instead. MicroStrategy has now purchased $15 million worth of BTC amidst the crypto crash.

Micheal Taylor, CEO of MicroStrategy, took to his Twitter page on Thursday, May 13th, 12:08 UTC to announce that additional 243 BTC had been purchased by his company at $55,387 per Bitcoin. MicroStrategy had  bought 19,452 BTC, two weeks after Tesla bought $1.5 billion worth of BTC.

With MicroStrategy’s latest purchase, the company now hodls about 91,850 bitcoins.

At press time, BTC trades at 50,000 USD per BTC, an hour after Micheal’s announcement. 

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