3 Companies that Buy Bitcoin Even though the Price is Correcting

Bittime - The Bitcoin market is currently facing a price correction, but several large companies are strengthening their positions by buying more Bitcoin. Check out the complete review in this article!

MicroStrategy is one of the large companies that has long been known as an aggressive company in accumulating Bitcoin. 

On the other hand, Riot Platforms and Amazon are also considering similar steps despite BTC price fluctuations. 

What drives them to continue investing in Bitcoin even though the price is correcting? Let's discuss it in this article.

3 Big Companies Buy Bitcoin During Price Correction

Sumber: Brookings Institution

As mentioned above, tThere are 3 large companies in the world that bought Bitcoin during the price correction, namely MicroStrategy, Amazon, and Riot Platforms. Here are the reasons they buy Bitcoin.

Amazon Urged to Buy Bitcoin

Amazon, the US e-commerce and technology giant, recently received encouragement from shareholders to allocate some of its assets into Bitcoin. 

In a proposal submitted by The National Center for Public Policy Research, Amazon is required to convert at least 5% of its total assets into Bitcoin. This proposal emerged after the price of Bitcoin skyrocketed to a record high of more than $103,000 (around Rp. 1.63 billion). 

Read also: Bitcoin (BTC): Maximum Supply, Circulating Quantity, and Remaining Mineable Coins

Even though the BTC price has now decreased by around 3%, shareholders believe that this move can protect the value of Amazon's assets in the long term. Bearing in mind the potential for inflation and fluctuations in global financial markets. 

Amazon has not yet provided an official response, but this proposal shows increasing interest from large companies in adopting Bitcoin as a reserve of value.

Riot Platforms Prepares $500 Million to Buy Bitcoin

Riot Platforms, one of the largest Bitcoin mining companies, also does not want to be left behind. They announced plans to raise $500 million (around Rp. 7.9 trillion) through the issuance of convertible bonds, which will be used to buy more Bitcoin. 

The company plans to offer senior bonds to qualified institutional investors, with the option to purchase an additional $75 million (around IDR 1.2 trillion) worth of Bitcoin over a certain period of time. 

Even though the Bitcoin price is currently at around $96,600 (around IDR 1.5 billion), Riot Platforms remains confident that accumulating more Bitcoin will benefit them in the long term, considering the prospect of Bitcoin prices continuing to grow.

Read also: How Many $BTC Tokens Do All Bitcoin ETFs Hold?

MicroStrategy Again Buys Bitcoin Equivalent to $2.1 Billion

MicroStrategy, led by Michael Saylor, made another massive Bitcoin purchase in early December 2024. The company allocated $2.1 billion (around Rp. 33.2 trillion) to buy 21,550 BTC at an average price of around $98,783 (around Rp. 1.56 trillion). billion) per Bitcoin. 

With total ownership of more than 423,000 BTC (around IDR 6.7 trillion), MicroStrategy now controls more than 2% of the total existing Bitcoin supply. 

Saylor argues that companies should continue to add to Bitcoin reserves as a hedge against inflation and as a tool to strengthen long-term financial positions. 

Even though Bitcoin's price fell below $98,000 (around Rp. 1.55 billion), MicroStrategy remains optimistic about its long-term prospects.

Read also: 10 Big Companies that Hold the Most Bitcoin

Conclusion

Even though the Bitcoin market is experiencing a price correction, several large companies such as Amazon, Riot Platforms, and MicroStrategy are actually strengthening their positions by buying more Bitcoin. 

This reflects their belief in Bitcoin's long-term potential as an asset that can reduce inflation risks and provide more stable returns. 

However, as always, investing in Bitcoin carries high risks. Therefore, investors need to be careful and carry out in-depth research before deciding to buy BTC, especially when the price is experiencing a correction.

FAQs About Bitcoin

When did the price of Bitcoin reach $1?

According to historical data on Investing.com, the Bitcoin price never broke above $0.40 per bitcoin in 2010, but managed to reach that level in early 2011. Then in February, the Bitcoin price broke $1.

Is Bitcoin a good investment?

While Bitcoin offers advantages to investors, it should be noted that it is highly volatile, with sharp price fluctuations that can result in significant gains - or devastating losses.

How many people own 1 Bitcoin?

How Many People Own At Least One Bitcoin? As of October 2024, there are approximately 1 million Bitcoin addresses that have at least one bitcoin in them.

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References 

Cointelegraph, Riot Platforms raises $500M to buy Bitcoin amid price surge, accessed on December 10, 2024.

Decrypt, Amazon Urged to Buy Bitcoin as Microsoft Shareholders Consider BTC Proposal, accessed on December 10, 2024.

Investopedia, MicroStrategy Buys Another $2.1 Billion Worth of Bitcoin, accessed December 10, 2024.

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