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Weekly Bitcoin Review

El Salvador buys the dip, The Omicron variant, and Microstrategy buying more Bitcoin


Many countries have begun enacting new travel restrictions in response to the new Omicron Covid-19 variant that was announced last week to be spreading in South Africa and elsewhere. These restrictions and global panic over the virus lead to a tank in the price of BTC, hitting a price of $53,569.76 on Friday. This is the lowest price BTC has seen since October 6, leading many to fear that the coin would continue to plummet in price. It has since recovered to the $57,000 price range, hitting a high of $58,872.88 earlier today, since the drop in price. BTC is currently trading at a volume of $32.4 billion. The next few days will be crucial for seeing if BTC will continue in a bullish trend or if this bull run ended at the ATH of $68,789.63 that the coin hit in early November. 

Buying the dip!

Nayib Bukele, president of El Salvador, furthered his country’s stake in Bitcoin earlier this week. After the dip in price, he announced that El Salvador bought an additional 100 BTC on “discount.” This comes after the country announced their own crypto city last week. The country now holds 1,220 BTC, $70 million in USD. The International Monetary Fund (IMF) warned El Salvador that they should not use Bitcoin as a national currency. This is mainly because of the fact that Bitcoin is extremely volatile, so citizens relying on it for day to day purchases could be problematic if it sees a sudden decrease, or increase, in price. 

MicroStrategy Bitcoin Acquisition 

MicroStrategy, a business intelligence company based in Tyson, VA, revealed on Monday that they spent about $414 million on 7002 BTC during its fourth quarter. This adds to the already hefty BTC portfolio of the company, which is now 121,044 BTC, worth approximately $7 billion at the current price. The average purchasing price for the company is $29,534, meaning that they have made hefty gains on this investment. MicroStrategy owns the most BTC out of any publicly traded company. Tesla comes in second with 44,902, followed by Galaxy Digital with 16,400. 

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Elijah Pollack is editor-in-chief of Modern Consensus. He has previously co-hosted the Audible podcast Extra Credit. Elijah has published work in the past for Book and Film Globe and The Observer.