John Deaton Praises Michael Saylor’s Bitcoin Strategy
John Deaton, the lawyer representing XRP, has commended MicroStrategy CEO Michael Saylor for his decision to invest a significant portion of the company’s capital in Bitcoin. Despite the polarizing nature of Saylor’s strategy, Deaton acknowledges that he must be feeling successful as Bitcoin recently surpassed $41,000. In November, MicroStrategy purchased over $593 million worth of Bitcoin, making it the company’s largest acquisition in three years.
MicroStrategy Becomes Largest Institution to Accumulate Bitcoin
According to filings from November, MicroStrategy added 16,130 BTC to its holdings at an average price of $36,785 per Bitcoin. This brings the total amount of Bitcoin held by MicroStrategy to over $6.5 billion. As Bitcoin’s price surged above $41,000, the stock price of MicroStrategy also rallied 8%. Deaton suggests that shareholders of MicroStrategy must also be feeling positive about these developments.
Crypto Market Reacts to Bitcoin Price Surge
The recent rally in Bitcoin, crossing the $41,000 mark, has sparked excitement in the crypto space. Rumors of spot Bitcoin ETFs being approved by the SEC have further fueled this enthusiasm. Deaton took to social media to express his joy and congratulate those who held onto their investments during the bear market. He also shared his investment insights regarding Coinbase shares.
Bitcoin Surpasses Berkshire Hathway’s Market Cap
In an impressive rise, Bitcoin’s market cap has surpassed that of Berkshire Hathway, reaching $800 billion.
Hot Take: The Impact of Michael Saylor’s Bitcoin Strategy
Michael Saylor’s decision to invest a significant amount of MicroStrategy’s capital in Bitcoin has garnered both praise and criticism. However, with Bitcoin’s recent surge above $41,000, it seems that Saylor’s strategy is paying off. This move has not only made MicroStrategy the largest institution to accumulate Bitcoin but has also had a positive impact on the company’s stock price. As the crypto market reacts to Bitcoin’s rise, it remains to be seen how this strategy will continue to unfold in the future.
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