Institutions continue to buy Bitcoin keeping the price at record highs

Posted: 29 October 2021 3:01 am
BTC 10-29 1800x1000

The turbulence witnessed by the crypto market over the past week has resulted in Bitcoin dipping back into the ‘red zone.’

  • Software giant Microstrategy revealed earlier today that it had added another 9000 BTC to its already massive crypto stockpile.
  • El Salvador president Nayib Bukele too revealed that his country had purchased another 420 BTC this past Wednesday.
  • Studies show that over 75% of all Bitcoin mining activities being carried out today on a global level are being done so via the use of green, renewable energy.

After having dipped below the $60k psychological threshold, albeit briefly, Bitcoin has again reclaimed bullish support. The digital currency showcases gains of nearly 5% over the last 24 hours. At press time, BTC is trading for $61,409.

This latest rise comes at a time when Michael Saylor-led software firm Microstrategy announced that it had added another 9000 BTC to its coffers in Q3 2021. As a result, the company’s total crypto haul now stands at 114,000+ Bitcoins — which, at the time of writing, works out to a whopping $7 billion. Also interesting to note is the fact that if Microstrategy were to liquidate its BTC holdings today, it would be at a profit of nearly $3.75 billion.

Earlier today, ARK Invest’s Cathie Wood revealed that her firm took advantage of the price dip on Wednesday by lapping up nearly $80 million worth of Robinhood stock. In all, it is estimated that ARK acquired a total of 2.24 million shares across three of its ETF funds. On October 27, a representative for Robinhood revealed that the trading platform’s revenue for Q3 2021 had dipped by nearly 80%, driving the company’s share prices well below its July IPO rate of around $38.

Capitalizing on this volatility, El Salvador president and perennial crypto bull Nayib Bukele too announced that he had “bought the dip” by adding another 420 Bitcoin to his country’s fast-growing crypto stash. As a result, the central American nation’s total held BTC now stands at 1,120 BTC.

How to buy Bitcoin

Bitcoin continues to go green

Even though a lot of detractors continue to harp on Bitcoin’s high energy requirements, what seems to often get ignored is the fact that most miners across the globe seem to have transitioned to the use of renewable power to facilitate their daily operational needs. In this regard, a recent study released by Cambridge University states that 76% of all miners operating today now make use of “green power sources.”

Hass McCook, a member of the Bitcoin Mining Council (BMC), was recently quoted as saying that the BTC mining industry is on track to reaching its zero-emission targets by the year 2030, thanks in large part to the advent of a new technology called ‘immersive cooling.’ This tech essentially involves submerging Bitcoin mining ASICs into a specialized cooling fluid, allowing for any excess energy to be recycled. As a result of utilizing such a setup, mining productivity can be greatly enhanced.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

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