“Bitcoin is Bullish and set up to mark new highs over the next few months”— Paul Ebeling
Our indicator is flashing a buy signal. This indicator is generated from current investor sentiment in an asset class. Now more than 50% of investor survey respondents will consider investing in bitcoin and 23% already have.
Adoption is happening and accelerating.
Corporate entities have started entering the cryptocurrency market, but none of them is as bullish as MicroStrategy.
MicroStrategy Leads the Way In Terms of Bitcoin Investment
MicroStrategy (NASDAQ:MSTR) has shown again why it is the most bullish corporate entity currently present in the cryptocurrency space.
Michael Saylor spearheaded the company’s entry into the cryptocurrency market, and MicroStrategy has been hungry for more ever since.
The company said last week that it had bought an extra 3,907 BTC for a total of $177-M. Following this latest development, MicroStrategy has now spent $2.91-B in buying bitcoins, and it now holds 108,992 BTC.
The average price of each Bitcoin is around $26,769. However, in Bitcoin’s current value, the 108,992 BTC represents approximately $5.3-B, implying that the company has recorded more than 70% profit since it started buying Bitcoins.
MicroStrategy is 1 of the biggest players in the cryptocurrency market. The company holds more bitcoins than any other corporate entity in the world.
The business intelligence software company started investing in Bitcoin last yr. Its entry convinced a few other companies, such as Tesla and SpaceX companies, to also buy bitcoin and hold them in their balance sheet.
MicroStrategy is playing the long game with Bitcoin, and Michael Saylor has the backing of the investors. He has been raising funds to buy more bitcoins, and investors have been more than willing to open their checkbooks and hand him what he wants. The company believes in Bitcoin’s future and is betting big on it.
Have a prosperous week, Keep the Faith!