MicroStrategy May Increase its Speed of Purchasing Bitcoins After Trump Becomes US President

Bitcoin created a new high level of $1,09,241 on Monday. Trump had also hinted at creating a reserve of Bitcoin. For the last few weeks, American company MicroStrategy has been continuously purchasing this most popular cryptocurrency. The co-founder of this company, Michael Saylor has indicated to increase the holding of Bitcoin. Recently, MicroStrategy purchased approximately 2,530 Bitcoins for approximately $243 million. This company has approximately 4,50,000 bitcoins. MicroStrategy has got huge profit on this investment.

The company plans to increase its authorized Class A common stock from approximately 330 million shares to more than 10 billion shares. The plan may be presented for voting at MicroStrategy’s shareholders’ meeting on January 21. However, Saylor holds about 47 percent of the voting shares. With this increase in the shares of this software company, the total number of its outstanding shares will be close to that of American company Alphabet, which operates Amazon related to e-commerce and technology and Internet search engine Google.

In October last year, MicroStrategy had said that it would raise about $42 billion by selling debt and issuing shares to buy a large number of bitcoins over three years. Its share price has increased by more than 2,500 percent since the company started buying Bitcoin. Russian companies are using Bitcoin in their business abroad. The Russian government had changed the law to allow the use of cryptocurrencies to deal with the restrictions of Western countries. Recently, Russian President Vladimir Putin had said that the current US government is reducing the role of the US dollar by using it for political purposes.