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Bitcoin Adoption Skyrockets, Semler Scientific Buys $21.5M in BTC
In a recent development, Semler Scientific has made headlines by acquiring 211 Bitcoins (BTC) worth $21.5 million at an average price of $101,890 per coin. This significant purchase underscores the surging adoption of Bitcoin and its increasing acceptance among institutional investors.
Semler Scientific, a medical technology company that provides early chronic disease detection solutions, has demonstrated remarkable faith in the cryptocurrency market by investing such a substantial amount. Notably, this acquisition follows closely on the heels of MicroStrategy’s massive $1.5 billion purchase of 15,350 BTC.
The recent surge in Bitcoin adoption can be attributed to its growing appeal among institutions and crypto whales. Semler Scientific’s decision to hold 2,084 BTC, acquired for a total of $168.6 million at an average price of $80,916 per coin, further solidifies this trend.
As reported by the chairman Eric Semler, the company has generated a remarkable BTC yield of 67.0% quarter-to-date (QTD) and 92.8% since adopting its BTC treasury strategy in May 2024. This impressive ROI highlights the significant potential offered by Bitcoin to institutional investors.
Coinciding with this development, the price of Bitcoin is currently trading at $103,756, experiencing a notable increase of over 1.15% within the last 24 hours. The asset’s trading volume has also seen a substantial spike of 61%, indicating heightened investor participation and a strong bullish momentum.
With institutional investors increasingly turning their attention to digital assets, it appears that Bitcoin is set to continue its upward trajectory. As a result, this recent purchase by Semler Scientific is expected to have a positive impact on the overall market sentiment.
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Source: coinpedia.org
