MicroStrategy, the software intelligence firm led by Michael Saylor⚡, gained attention with the purchase of an additional 18,300 Bitcoin (BTC) for approximately $1.11 billion.This latest purchase reaffirms the company’s strong commitment to Bitcoin as a key part of its long-term strategy. The new BTC was bought at an average price of $60,408 per coin, further adding to MicroStrategy’s reserves.
As of September 12, 2024, MicroStrategy now holds an impressive 244,800 BTC, acquired at a total cost of $9.45 billion, with an average purchase price of $38,585 per Bitcoin, now worth over $14 billion. These holdings solidify MicroStrategy’s position as one of the largest corporate investors in Bitcoin globally. The firm has seen positive returns from its Bitcoin investments, reporting a 4.4% yield quarter-to-date and a 17% yield year-to-date (YTD), despite market volatility.
Michael Saylor, a long-time advocate of Bitcoin, has been highly bullish on the asset’s future. His enthusiasm for the cryptocurrency is evident not only through his public statements but also through MicroStrategy’s aggressive acquisition strategy.
On CNBC’s Squawk Box earlier this week, Saylor predicted that Bitcoin could potentially reach a staggering $13 million per coin within the next 20 years. According to him, Bitcoin’s long-term value is set to rise due to its increasing adoption as a global currency and a store of value.
Michae Saylor had previously announced plans to purchase $2 billion worth of Bitcoin, and so far, $1.1 billion of that has been completed, with $900 million still pending. MicroStrategy, the company led by Saylor, has once again made headlines by acquiring an additional 18,300 BTC for approximately $1.11 billion at an average price of $60,408 per Bitcoin. The company’s commitment to expanding its Bitcoin holdings remains constant, as Saylor continues to bet on Bitcoin’s future as a vital asset in global finance.
Saylor’s strategy has been clear from the beginning—make Bitcoin a core asset for the company. Over the years, he has described Bitcoin as “digital gold” and a hedge against inflation, and his actions reflect this belief. The company is setting the stage for continued growth in its digital asset portfolio.
As the cryptocurrency market matures, Saylor’s bullish stance on Bitcoin aligns with a growing number of institutions recognizing the potential of cryptocurrencies. His vision for Bitcoin’s future, including the prediction of its value climbing to $13 million per BTC, has expanded with many in the financial world. However, the optimism around Bitcoin remains high.
As $1.1 billion invested and $900 million still pending, will Michael Saylor’s bold Bitcoin strategy pay off?
