CEO Michael Saylor tweeted the company bought another 5050 bitcoin at an average price of USD 48,099.

Michael Saylor, crypto proponent and CEO of business software and intelligence company MicroStrategy (NASDAQ: MSTR) tweeted about the company’s fresh purchase of bitcoin today that brought the market value of its stockpile of the leading cryptocurrency to over $5 billion. (CryptoNews)

MicroStrategy: Hodl Strategy

Tweeted Saylor:

“MicroStrategy has purchased an additional 5,050 bitcoins for ~$242.9 million in cash at an average price of ~$48,099 per #bitcoin. As of 9/12/21 we #hodl ~114,042 bitcoins acquired for ~$3.16 billion at an average price of ~$27,713 per bitcoin.”

MicroStrategy has relentlessly scaled up its bet on bitcoin since its initial outlay in August 2020. It is now the largest holder of bitcoin among listed companies in the US.

Blackrock CIO thinks bitcoin could trend higher

Rick Rieder, Blackrock’s chief investment officer (CIO) of Global Fixed Income, said Friday on a CNBC interview that there was value in holding a small amount of bitcoin in a portfolio as a speculative tool.

He said bitcoin was not suited as a hedge given its volatility.

“Part of why I own a small piece of bitcoin is I do think there are more people who are going to enter that fray over time … I like assets that are volatile that have upside convexity,” he commented. “I could see bitcoin go up significantly.”

At the time of writing, bitcoin is priced at $44,196.39, down 3.8% over the past 24 hours. Technically, it appears to be making a trend of lower-lows and a break of the $44,000 level could trigger further downside.

Related Story: Perma-Bull Michael Saylor-Led MicroStrategy Adds $177M To Bitcoin Bet