“My time horizon is a decade or more” — MicroStrategy CEO Michael Saylor
Bitcoin is the in the midst of a Bull run which has seen it break its prior all-time high of December 2017. The cryptocurrency broke through the $20,000 resistance at the end of November, it is currently in its Fibo consolidation mode, setting up for the next Bull leg North.
MicroStrategy disclosed this week it purchased 660 bitcoin for about $25-M between 30 December 2021 and 31 January 2022. The average price per coin tallied $37,865.
The company now holds 125,051 bitcoins valued at about $4.8-B, reflecting Mr. Saylor’s focus on diversifying the software maker into a promising technology.
“People buy bitcoin because they want to buy an asset they understand that might have value in 100 years. The truth is there is no security trading on the Nasdaq of the New York Stock Exchange right now that you can understand 100 years from now.“
Bitcoin prices hit a record high on 9 November $69,000, and has retraced 41% to $40,000.
We believe Bitcoin is on pace to mark my price target of $75,000- 100,000 by Christmas 2022.
Have a healthy, prosperous weekend, Keep the Faith!