Michael Saylor is one of the most vocal supporters of Bitcoin (BTC) in the world. Saylor’s company Microstrategy is also one of the largest holders of the original cryptocurrency. Microstrategy’s share price has surpassed $520, its highest level since December 2021. The company’s strategy of holding BTC for the long term has yielded lucrative results. Microstrategy currently has a market capitalization of around $7.33 billion.
also read: Bitcoin: GBTC Could Lose $2.7 Billion if ETF Approved: JPMorgan.
Microstrategy’s share price doubled in just one month earlier this year. The company’s BTC holdings have proven profitable with an average purchase price of $29,803 per coin. The company currently holds around 140,000 Bitcoin, worth around $4.4 billion. Despite reporting a loss of $143.4 million in its last quarterly report, the company continued to buy BTC, purchasing 6,067 coins for about $167 million.
Will Bitcoin continue its upward trend?
Analysts are expecting a bull market for the crypto market in 2024. Bitcoin (BTC) will undergo its next halving cycle in April 2024, which many consider to be a bullish event. Additionally, there is a possibility that the SEC (Securities and Exchange Commission) will approve a spot BTCETF (Exchange Traded Fund) early next year. Both events could herald another bull market for the crypto industry. BTC could be the market leader in such a scenario, with some expecting the original cryptocurrency to surpass its 2021 peak of $69,044.
Furthermore, holding BTC for the long term has proven to be profitable in almost all cases. BTC has been one of the best performing assets over the past decade, outperforming many top stocks and commodities. Some have even predicted that BTC will soon reach the $100,000 mark, while others have made estimates that the coin will reach $1 million. Additionally, if a spot BTC ETF is approved, institutional adoption of BTC products could increase, which could further increase the price of the asset.
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