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World’s biggest BTC corporate holder buys another $190M

World’s biggest BTC corporate holder buys another $190M

Last updated 29th Jun 2022
Disclosure
  • MicroStrategy is up by more than $2 billion on its total investment
  • Bitcoin settled just below its 2022 all-time high of $48,000 after a meteoric rise

MicroStrategy, the world’s biggest corporate holder of Bitcoin, made another substantial investment in the cryptocurrency. CEO Michael Saylor tweeted that his company had bought another 4,167 bitcoins at just under $46,000 on average, bringing the total to 129,218 BTC.

At today’s market prices, MicroStrategy is up by more than $2 billion on its total investment at an average price of $30,700 per Bitcoin.

Bitcoin settles below ATH for 2022

Bitcoin settled just below its 2022 all-time high of $48,000 after a meteoric rise throughout the month of March, world media reported. The flagship crypto is unusually stable for the beginning of a week, with its value fluctuating by less than 1% yesterday and today.

Other major cryptos such as Ethereum, XRP, and Binance Coin all registered similar movements. Only Cardano’s value rose over the weekend.

Some analysts have predicted an end to the crypto market calm, anticipating major announcements at Bitcoin 2022 this week. The Miami event, which is the biggest bitcoin conference in history, always hides surprises. Last year, El Salvador President Nayib Bukele announced Bitcoin would become legal tender in his country at this event.

UK to legalize stablecoin payments

The UK might legalize stablecoin payments in the hopes of becoming a global crypto hub. Rishi Sunak, UK Chancellor of the Exchequer, announced a series of measures to enhance innovation and adoption of these digital assets. These include bringing stablecoins officially into the payments system.

The UK government also announced plans to work on an NFT with the Royal Mint as a symbol of the forward-looking approach the country has decided to take. Mr. Sunak said in a statement:

It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country. We want to see the businesses of tomorrow – and the jobs they create - here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term. This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.