MicroStrategy Continues to Accumulate Bitcoin Despite Losses
In October, MicroStrategy, the business intelligence firm led by Bitcoin advocate Michael Saylor, added 155 more Bitcoins to its portfolio, spending $5.3 million. This brings its total holdings to over 158,000 BTC, valued at $4.69 billion. The company remains confident in Bitcoin’s long-term potential despite posting a net loss of $143.4 million in Q3 2022.
MicroStrategy Leads in Bitcoin Holdings
MicroStrategy has been consistently increasing its Bitcoin holdings since July, acquiring over 6,000 BTC for $167 million. It now holds the largest Bitcoin portfolio among publicly traded companies.
Bullish Stance Amidst Losses
Despite the financial losses, MicroStrategy remains optimistic about Bitcoin’s future. Other major corporate players like Tesla did not add to their holdings during Q3 2022.
Institutional Interest and Whale Accumulation
Major institutional players like Tesla and Marathon Digital continue to hold significant Bitcoin positions. Additionally, large addresses added nearly 19,000 BTC worth $650 million in late October, indicating renewed institutional interest.
Predictions by MicroStrategy CEO
MicroStrategy CEO Michael Saylor predicts that Bitcoin could surge tenfold from its current price of around $34,000. He believes upcoming events such as the Bitcoin halving in April 2023 and the potential approval of a Bitcoin ETF by the SEC could act as catalysts for this growth.
Optimism for SEC Approval and Price Rally
There is growing optimism surrounding the potential approval of a Bitcoin ETF by the SEC in the near future. Combined with reduced new supply after the halving and increasing institutional demand, these factors create favorable conditions for a significant Bitcoin price rally.
Hot Take: MicroStrategy Remains Bullish on Bitcoin Despite Losses
MicroStrategy’s continued accumulation of Bitcoin, despite incurring losses in Q3 2022, demonstrates its unwavering confidence in the cryptocurrency. With the largest Bitcoin portfolio among publicly traded companies, MicroStrategy remains at the forefront of institutional interest in Bitcoin. CEO Michael Saylor’s predictions of a tenfold increase in Bitcoin’s price, fueled by upcoming events and potential regulatory approvals, add to the overall optimism surrounding the cryptocurrency. As the SEC considers approving a Bitcoin ETF, and with reduced supply and increasing institutional demand, many believe that a significant Bitcoin price rally is on the horizon.
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