Bitcoin jumped past the $50,000 barrier to touch a record high of $50,560 on Tuesday. MicroStrategy is to sell $600 million of senior convertible notes to buy more bitcoin fueled the surge in the digital token.
- MicroStrategy will also allow investors to purchase an additional $90 million of notes, which it will use to buy more bitcoin.
- MicroStrategy already holds 71,079 BTC at a current value of $3.5 billion.
- Bitcoin’s rally in recent days was also fueled by Tesla’s $1.5 billion investment, which saw the cryptocurrency’s price rise from $38,900 to $50,000, representing a 30% gain.
- Other companies, including PayPal have entered into the cryptocurrencies industry, which has fueled the surge.
- The recent bitcoin rally is proof that corporate and institutional investors are confident enough to make significant capital allocations to the digital token.
- Analysts expect bitcoin to continue the upsides if big institutions continue pouring money into the cryptocurrency.
Bitcoin is currently gaining. BTCUSD is up 1.74%
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