Binance CEO Praises MicroStrategy’s Move To Buy Bitcoin

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• Binance CEO praises MicroStrategy’s decision to buy more Bitcoin.
• MicroStrategy has bought 301 additional BTC tokens for $6 million.
• The public company now owns 130,000 Bitcoin acquired for $3.98 billion.

Changpeng Zhao, the CEO of the largest cryptocurrency exchange Binance, praised MicroStrategy as he shared their post about buying more Bitcoin.

The skeptics today will say: “oh, you are so lucky to get into #bitcoin so early” a few years from now.

Save this tweet. Not financial advice. https://t.co/1kb7yPX11F

— CZ Binance (@cz_binance) September 20, 2022

Business intelligence company, MicroStrategy Executive Chairman Micheal Saylor announced that his company had purchased 301 BTC for about $6 million, each averaging $19,851. Holding 130,000 BTC as a crypto stockpile, the firm has thus become the only public company to own such a huge number of BTC.

US Securities and Exchange Commission filing further confirmed the purchase was made between August 2 and September 19.

Galaxy Digital Holdings competes with MicroStrategy as the second publicly listed company to hold such a high number of Bitcoin. As per their balance sheet, the company currently owns 40,000 BTC.

In the private sector, Mt Gox also holds a high number of BTC, around 141,686. However, in light of the Mt Gox bankruptcy trial, the trustees will reportedly distribute their assets to creditors.

In addition, another private company owning the highest number of BTC is Block.one. Bitcoin Treasury statistics reveal that Block.one currently holds approximately 140,000 BTC.

The crypto winter has become the perfect opportunity for investors to purchase virtual assets. In the last four weeks, the world’s largest cryptocurrency, Bitcoin, has fallen by 10% and is down 60%.

While rising inflation and interest rates threaten the crypto markets, companies like Binance Labs is also looking to invest in early-stage web3.0 project that will yield high-value returns in the future.

The post Binance CEO Praises MicroStrategy’s Move To Buy Bitcoin appeared first on Coin Edition.

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