- MicroStrategy has acquired an additional 12,333 Bitcoins worth around $340 million, taking its total Bitcoin holding value beyond $4.52 billion.
- This move has heightened institutional interest in Bitcoin, with predictions of a BTC price surge to $60,000.
Pioneering in the Bitcoin frontier, MicroStrategy (NASDAQ: MSTR), the largest corporate Bitcoin holder worldwide, revealed a bold purchase of $340 million worth of Bitcoin on Tuesday, June 27. Michael Saylor, the company’s CEO, confirmed the acquisition of 12,333 Bitcoins, reflecting the firm’s unwavering faith in the promising digital asset.
MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin. $MSTR https://t.co/joHo1gEnR0
— Michael Saylor⚡️ (@saylor) June 28, 2023
Established as a significant player in the Bitcoin ecosystem since its first Bitcoin venture in September 2022, MicroStrategy’s periodic investments have persisted resiliently, despite the notorious crypto winter of 2022. The company now holds a total of 152,333 Bitcoins, which were acquired at an aggregate investment of approximately $4.52 billion.
A vocal Bitcoin advocate, Saylor perceives Bitcoin as a robust store of value amid the prevailing global economic inflationary pressures. He champions Bitcoin’s Layer-2 scalability platform, the Lightning Network, forecasting that it will eventually surpass VISA in transaction processing capability.
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MicroStrategy’s latest procurement strengthens the surge of institutional participation in cryptocurrencies, particularly Bitcoin. In the wake of spot Bitcoin ETF filings by financial titans like BlackRock, the BTC price has been on an upward trajectory, appreciating over 20% in less than a month.
Reflecting on this pattern, on-chain data reveals a marked increase in institutional involvement in Bitcoin investment products, registering inflows nearing $187 million last week alone. Such robust institutional inflows bode well for the crypto asset class.
Prominent Bitcoin analyst, MustStopMurad, based on M1 money supply analysis, anticipates a plausible BTC price of $60,000 within the year. While Bitcoin witnessed critical levels at $6,000 in 2018 and 2019, and $30,000 in 2021 and 2022, aligning closely with M1 levels, he envisages Bitcoin reclaiming the $60,000 mark if the trend continues.
Furthermore, the forthcoming Bitcoin halving event, scheduled for mid-2024, could potentially serve as an additional catalyst propelling BTC price. As these events unfold, MicroStrategy’s massive Bitcoin acquisition, amidst a vibrant backdrop of increasing institutional interest, promises an exciting future for Bitcoin.
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