Bitcoin Finally Breaks Beyond $50,000 After Microstrategy Announces Intention to Purchase More BTC

Finally, Bitcoin price has surged beyond the long awaited $50,000 mark following a long bullish week where we witnessed the purchase and adoption of the crypto asset by top institutions across the globe.

News of Tesla’s purchase of the crypto asset had rightly dominated the headlines in recent times with many crypto enthusiasts hailing the news as a step in the right direction for the asset. And with other institutions like BNY Mellon, Morgan Stanley and others either adopting the asset or openly declaring that they could adopt the leading crypto king, the price of the asset had reacted positively to the news.

The price of the asset had climbed above $48,000 and also got very close to the $50,000 mark before witnessing a major decline that saw its price drop by $3000. However, many analysts had believed that the digital asset was eventually going to crack the nut to rise beyond the $50,000 mark.

This was achieved earlier today as it was reported that the price of the asset briefly touched an all-time high of $50,341 according to data from Coinmarketcap. The price has however been corrected and it is currently changing hands for $48,910.08.

Microstrategy continues its Bitcoin Purchase

Microstrategy in a press release has announced its intention to purchase more Bitcoin through the sale of $600 million convertible senior notes due 2027 in a private offering to “qualified institutional buyers.” 

According to the statement, “the notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day immediately preceding the maturity date.”

The firm also explicitly stated that it would use the funds generated from “the sales of the notes to acquire additional bitcoins.” Microstrategy currently owns over 70,000 BTC and the company has consistently remained bullish about investing in the crypto industry.

The company also recently hosted a pro-BTC event in which it tried to lure other corporate institutions into adopting the leading crypto asset.

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