MicroStrategy’s Investment in Bitcoin Pays Off
MicroStrategy’s bet on Bitcoin has paid off, as its unrealized profits have surpassed $3 billion. The company holds over 190,000 BTC valued at more than $9 billion at the current price, making it own more than 1% of the leading cryptocurrency’s circulating supply.
Active Accumulation of Bitcoin
MicroStrategy started investing in BTC in 2020, steadily topping up its holdings. A recent disclosure shows the company acquired its holdings for a total cost of $5.93 billion, at an average price of around $31,224 per BTC.
The company also revealed that it purchased another 850 BTC last month, indicating its continuous faith in Bitcoin.
Saylor’s Long-Term Bullish Outlook
Michael Saylor, the CEO of MicroStrategy, maintains a long-term bullish outlook on BTC. He is committed to the long-term success of Bitcoin and believes that 2024 will be a pivotal year for the cryptocurrency.
He expressed his confidence, stating that “2024 is the year of the birth of Bitcoin as an institutional-grade asset class,” and emphasized that the next 15 years will mark a regulated, institutional, high growth period for Bitcoin.
Hot Take
MicroStrategy’s unwavering commitment to Bitcoin has seen its profits skyrocket, highlighting the potential for long-term gains in the cryptocurrency market. With the company’s proactive approach, it’s poised to capitalize on the institutionalization and growth of Bitcoin in the years to come.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.