{"id":570766,"date":"2021-06-22T15:52:15","date_gmt":"2021-06-22T19:52:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=570766"},"modified":"2021-06-22T15:52:21","modified_gmt":"2021-06-22T19:52:21","slug":"software-company-spends-500-million-on-bitcoin","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/software-company-spends-500-million-on-bitcoin\/","title":{"rendered":"Software Company Spends $500 Million On Bitcoin"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsoftware-company-spends-500-million-on-bitcoin%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=570766&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1174079406-1200x800-1.jpg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>MicroStrategy \u2014 a business-to-business software company with a market cap of $6 billion \u2014 spent nearly half a billion dollars during its most recent Bitcoin purchasing spree.<\/span><\/p>\n<p><span>The firm <\/span><a href=\"https:\/\/www.microstrategy.com\/en\/investor-relations\/press\/microstrategy-acquires-additional-bitcoins-and-now-holds-over-105000-bitcoins-in-total_06-21-2021\"><span>announced<\/span><\/a><span> on Monday that it acquired 13,005 Bitcoins for an average price of $27,617 \u2014 a $489 million purchase.\u00a0<\/span><\/p>\n<p><span>\u201cAs of 6\/21\/21 we #hodl ~105,085 bitcoins acquired for ~$2.741 billion at an average price of ~$26,080 per bitcoin,\u201d said founder Michael Saylor on Twitter. The hashtag \u201chodl\u201d \u2014 popular with cryptocurrency enthusiasts \u2014 is commonly translated as \u201chold on for dear life.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"12\">\n<p lang=\"en\" dir=\"ltr\">MicroStrategy has purchased an additional 13,005 bitcoins for ~$489 million in cash at an average price of ~$37,617 per bitcoin. As of 6\/21\/21 we <a href=\"https:\/\/twitter.com\/hashtag\/hodl?src=hash&#038;ref_src=twsrc%5Etfw\">#hodl<\/a> ~105,085 bitcoins acquired for ~$2.741 billion at an average price of ~$26,080 per bitcoin. <a href=\"https:\/\/twitter.com\/search?q=%24MSTR&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MSTR<\/a><a href=\"https:\/\/t.co\/gLfnOxZEZc\">https:\/\/t.co\/gLfnOxZEZc<\/a><\/p>\n<p>\u2014 Michael Saylor (@michael_saylor) <a href=\"https:\/\/twitter.com\/michael_saylor\/status\/1406946140344442882?ref_src=twsrc%5Etfw\">June 21, 2021<\/a><\/p>\n<\/blockquote>\n<p><span>Several news outlets reported that MicroStrategy\u2019s stock price dropped by 9% after the Chinese Communist Party announced more crackdowns on the cryptocurrency. Saylor was undeterred: \u201cIn the last twelve months, #Bitcoin has arrived on Wall Street. That is the news. The rest is noise.\u201d<\/span><\/p>\n<p><span>During an <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/06\/21\/microstrategy-owns-over-3-billion-worth-of-bitcoin-after-new-purchase.html\"><span>interview<\/span><\/a><span> with CNBC last week, Saylor defended his firm\u2019s decision to take out debt in order to acquire Bitcoin.<\/span><\/p>\n<p><span>\u201cWe rotated our shareholder base and transformed ourselves into a company that\u2019s able to sell enterprise software and to acquire and hold bitcoin, and we\u2019ve done it successfully with leverage,\u201d Saylor said. \u201cThat has increased the power of the brand by a factor of 100. We just had our best software quarter \u2026 in the last 10 years last quarter\u2026 The bitcoin business is driving shareholder returns. I think the employees are happy. The shareholders are happy.\u201d<\/span><\/p>\n<p><span>As Saylor referenced, Bitcoin \u2014 a <\/span><a href=\"https:\/\/www.dailywire.com\/news\/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works\"><span>cryptocurrency<\/span><\/a><span> that exists only online and transmits via blockchain technology \u2014 is indeed growing in popularity and legitimacy.\u00a0<\/span><\/p>\n<p><span>Companies such as PayPal, Tesla, and Morgan Stanley have <\/span><a href=\"https:\/\/www.dailywire.com\/news\/buy-ban-or-copy-how-governments-are-responding-to-the-cryptocurrency-revolution\"><span>experimented<\/span><\/a><span> with buying Bitcoin and encouraging its use on their platforms. Leading investment groups \u2014 such as the directors of Harvard University\u2019s endowment and Singapore\u2019s sovereign wealth fund \u2014 have also purchased the digital currency.<\/span><\/p>\n<p><span>Most recently, El Salvador\u2019s government became the first to adopt Bitcoin as legal tender. Citizens will be able to utilize both Bitcoin and the United States dollar in transactions.<\/span><\/p>\n<p><span>In early June, Salvadoran President Nayib Bukele <\/span><a href=\"https:\/\/www.dailywire.com\/news\/el-salvador-seeks-to-adopt-bitcoin-as-legal-tender\"><span>announced<\/span><\/a><span> that the small Central American nation would not charge capital gains taxes on Bitcoin and offer \u201cimmediate permanent residence for crypto entrepreneurs.\u201d\u00a0<\/span><\/p>\n<p><span>As one of the few small nations to use the dollar instead of its own currency, El Salvador\u2019s bill to recognize Bitcoin cited the desire to avoid risk from government-controlled currencies.<\/span><\/p>\n<p><span>\u201cCentral banks are increasingly taking actions that may cause harm to the economic stability of El Salvador,\u201d reads the bill. \u201cIn order to mitigate the negative impact from central banks, it becomes necessary to authorize the circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria.\u201d<\/span><\/p>\n<p><span>The Federal Reserve \u2014 the central bank of the United States \u2014 is embarking on an aggressive quantitative easing campaign following COVID-19 and the lockdown-induced recession. The inflation rate for the dollar recently <\/span><a href=\"https:\/\/www.dailywire.com\/news\/breaking-monthly-inflation-again-passes-economists-expectations-highest-annual-rate-in-more-than-12-years\"><span>reached<\/span><\/a><span> its highest level since the Great Recession.\u00a0<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MicroStrategy \u2014 a business-to-business software company with a market cap of $6 billion \u2014 spent nearly half a billion dollars during its most recent Bitcoin purchasing spree.The firm announced on &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2281007,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1174079406-1200x800-1.jpg","fifu_image_alt":"Software Company Spends $500 Million On Bitcoin","footnotes":""},"categories":[],"tags":[],"class_list":["post-570766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1174079406-1200x800-1.jpg","fifu_image_alt":"Software Company Spends $500 Million On Bitcoin","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/570766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=570766"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/570766\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2281007"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=570766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=570766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=570766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}