Microstrategy Hits 2-Year High Following Bitcoin Surge

• Microstrategy and Its Bullish Stand on Bitcoin (BTC)
• Profitable Bitcoin Investments for Microstrategy
• Anticipating a Crypto Bull Run in 2024
• Long-Term Bitcoin Holding: A Profitable Endeavour

Microstrategy and Its Bullish Stand on Bitcoin (BTC)

Renowned as a critical advocate of Bitcoin$42,260 -0.64% globally, Michael Saylor holds sway in the crypto space through his firm, Microstrategy. This firm's position as one of the primary holders of Bitcoin has seen Microstrategy's stock price soar past the $520 mark, a record high since December 2021. The company's long-term Bitcoin holding strategy has resulted in impressive gains, with the firm currently boasting a market cap of about $7.33 billion.

Profitable Bitcoin Investments for Microstrategy

Earlier this year, MicroStrategy's stock price experienced a significant increase, doubling within a month. The firm's Bitcoin holdings have yielded profits, with an average purchase price of $29,803 per coin. At present, the company is in possession of approximately 140,000 Bitcoin, valued around $4.4 billion. Despite a reported loss of $143.4 million in its last quarterly report, Microstrategy remained bullish on Bitcoin and purchased an additional 6,067 coins for roughly $167 million.

Anticipating a Crypto Bull Run in 2024

Speculations are rife about a potential bull run in the crypto market come 2024. Analysts predict a significant bullish event for Bitcoin in April 2024, which is the expected period for its next halving cycle. Furthermore, there may be a possible approval of a spot Bitcoin ETF (Exchange Traded Fund) by the SEC (Securities and Exchange Commission) early next year. Both these occurrences could trigger another bull run in the crypto industry, with Bitcoin anticipated to lead the market. There are even expectations of Bitcoin exceeding its 2021 peak of $69,044.

Long-Term Bitcoin Holding: A Profitable Endeavour

Proof has shown that holding Bitcoin for extended periods has been largely profitable. Over the past decade, Bitcoin has stood out as one of the best-performing assets, surpassing several top stocks and commodities. Some projections even indicate that Bitcoin's value could soon hit the $100,000 mark, with others estimating a peak of $1 million for the cryptocurrency. If a spot Bitcoin ETF gets approved, it could trigger increased institutional adoption of Bitcoin products, which could further bolster the asset's price.

Edited by Jonathan Stoker