Bitcoin buying pushes MicroStrategy stock to annual highs

  • MicroStrategy shares rise in price amid buying MTC.
  • Adam Back calls buying coins an “innovative strategy”.
  • Not all experts share MicroStrategy’s positive attitude.

MicroStrategy shares gained another 12.3% after the company announced the acquisition of another 17 thousand BTC.

The company’s shares hit an annual high

MicroStrategy, which is listed on the NASDAQ stock exchange, rose 12% after the company announced the purchase of 17,000 bitcoins. According to the Marketwatch resource, today the value of a common share of the company is $ 176, which is the highest price in the last year.

MicroStrategy CEO Michael Sailor tweeted that his company completed a purchase of $ 16,796 for $ 175 million (at the time of the coin rate) on September 14.

In August, the company reported its acquisition of 21,454 BTC with a combined value of $ 250 million. These purchases are being made in full accordance with the investment strategy of the firm, which considers Bitcoin to be a reliable store of value and an attractive investment asset.

The company justifies its new purchase of bitcoins with confidence that in the current economic conditions, bitcoin will grow. MicroStrategy calls BTC digital gold, surpassing any other assets in a number of ways.

Crypto expert Adam Back commented on the event on his personal Twitter, writing that it was a well-thought-out corporate strategy to adopt bitcoin.

Not all experts have a radiant picture of Bitcoin

However, not all experts share the optimism of MicroStrategy and Adam Beck. For example, @WaterfrontPatio wrote the following:

This casts doubt on MicroStrategy’s strategy of acquiring so many bitcoins, taking into account the bearish tendencies in the market.

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