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Should you buy Bitcoin ( BTC ) after Vladimir Putin’s support?

  • BTC’s trading volume saw an increase of 15% in the last 24 hours.

  • BTC has the potential to kick back up in value soon.

  • At its current price point, the token is a worthwhile buy, and we will go over why.

Bitcoin is by far one of the largest cryptocurrency tokens in terms of market capitalization.

Despite the fact that the token has seen a dip in its value, it is still a dominant force within the industry and is bought by a lot of investors.

The MicroStrategy plans for purchasing BTC and Vladimir Putin support as a catalyst for growth

The Chief Financial Officer of MicroStrategy, Phong Le, said that the firm would continue to purchase the BTC cryptocurrency token despite the recent downturns, according to a report by The Wall Street Journal.

According to a publication by The Wall Street Journal, Phong Le said that it is unclear if the firm will buy more Bitcoin than they did last year but will carry on doing so.

On September 13, 2021, MicroStrategy made news by purchasing 5,050 Bitcoin tokens (BTC) for $242.9 million.

With that in mind, As of December 29, 2021, the firm held 124.391 Bitcoin (BTC) tokens, according to its filings with the Securities and Exchange Commission. 

This news and commitment to the token by MicroStrategy showcases trust within the value of the token increasing, and as such, can lead to it becoming an appealing option for cryptocurrency investors.

In a January 26 video conference, Vladimir Putin, the President of Russia, argued in favor of Bitcoin mining, where he cited the competitive advantages it brings to the country and opposed the crypto mining ban which was proposed by the Central Punk, following pressure from Russia’s Federal Security Service.

As such, Bitcoin (BTC) has the potential to increase in value throughout the next month.

Should you buy Bitcoin (BTC)?

On January 27, 2022, Bitcoin (BTC) had a value of $36,371.53.

To see what this value point means for the BTC token, we will be going over it's all-time high value as well as its performance throughout the previous month.

The all-time high value of Bitcoin (BTC) was on November 10, 2021, when the token reached a value of $69,044.77. At its ATH, the token was $32,673.24 higher in value or by 90%.

In terms of the performance of the token throughout the previous month, on December 1, 2021, the token saw its highest point of value at $58,667.85.

Its lowest value point was on December 18, when the token saw a decrease to $45,697.92. This marked a decrease of $12,969.93 or by 22%.

With that in mind, Bitcoin (BTC) at $36,371.53 is a solid buy as it is the leading cryptocurrency token that has the potential to climb back up to $40,000 by the end of February 2022.

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