Micheal Saylor is one of the most vocal Bitcoin (BTC) proponents globally. Saylor’s firm, Microstrategy, is also one of the biggest holders of the original crypto. Microstrategy’s stock price has surpassed the $520 mark, the highest since December 2021. The company’s strategy of holding BTC for the long term has yielded lucrative results. Microstrategy currently boasts a market cap of about $7.33 billion.
Also Read: Bitcoin: GBTC May Lose $2.7B If ETF Approved: JPMorgan.
Microstrategy’s stock price doubled in just one month earlier this year. The firm’s BTC holdings have turned profitable, with an average purchase price of $29,803 per coin. The company currently holds around 140,000 Bitcoin, worth around $4.4 billion. Although the company reported a loss of $143.4 million in its last quarterly report, it continued to buy BTC, purchasing 6,067 coins for about $167 million.
Will Bitcoin continue its upward momentum?
Analysts anticipate a bull run for the crypto market in 2024. Bitcoin (BTC) will undergo its next halving cycle in April 2024, which many consider a bullish event. Moreover, there is a possibility that the SEC (Securities and Exchange Commission) will approve a spot BTCETF (Exchange Traded Fund) early next year. Both events may usher in another bull run for the crypto industry. BTC could be the market leader in such a scenario, with some expecting the original crypto to surpass its 2021 peak of $69,044.
Moreover, holding BTC for the long term has proven profitable for almost every instance. BTC has been among the best-performing assets in the last decade, outperforming many top stocks and commodities. Some have even predicted that BTC will touch the $100,000 mark soon, while others have given estimates of the coin reaching $1 million. Furthermore, if a spot BTC ETF is approved, we may see a rise in institutional adoption of BTC products, which may strengthen the asset’s price further.