Since institutional investments began pouring into the bitcoin market, the leading cryptocurrency has experienced exponential growth, with its market capitalization exceeding $1 trillion.

Notable institutional investors include US business intelligence firm MicroStrategy, which has accumulated its holdings of bitcoins consistently to 121,044 bitcoins over the past year.

The company’s CEO, Michael Saylor, confirmed the purchase of more than 7,000 additional Bitcoins and said:

MicroStrategy purchased an additional 7,002 bitcoins for $414.4 million in cash at an average price of $59,187 per bitcoin.

As of November 29, 2021 we have accumulated 121,044 bitcoins for $3.57 billion at an average price of $29,534 per bitcoin.

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Microstrategy bought 21,454 Bitcoin worth $250 million for the first time in August 2020, following a new strategy to allocate capital to maximize long-term value for its shareholders.

Saylor believes that bitcoin will become the main asset in the company’s treasury reserve as it presents itself as a legitimate investment vehicle that is superior to cash.

Since then, Microstrategy has been unrelenting in its quest to accumulate more bitcoin as it usually benefits from buying the dip.

Saylor’s relationship with Bitcoin did not go unnoticed, as he himself had previously stated:

We find that the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical facilities, and community ethos of Bitcoin are compelling evidence of its superiority as an asset class for those seeking a long-term store of value.

Meanwhile, countries like Thailand are seeking to rejuvenate their faltering tourism sector by targeting cryptocurrency investors.

This builds on the Tourism Authority of Thailand’s plans to partner with a local cryptocurrency exchange and lawmakers to accept crypto payments for travel.

Therefore, this approach aims to breathe life into the country’s tourism industry, which has lost nearly $80 billion through the COVID-19 pandemic.

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The same applies to El Salvador, whose president recently announced a bitcoin city to encourage the use of bitcoin and mining it with volcanic energy.

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