MicroStrategy Makes $4.17 Billion Bet on Bitcoin: BTC Eyes $30K

Microstrategy Buys Thousands of BTC

• On April 5, MicroStrategy purchased an additional 1,045 Bitcoin taking the company’s total holdings past 140,000 BTC.
• MicroStrategy has spent over $4.1 billion in all of the 140,000 Bitcoins it acquired and is very close to breaking even on its average price of Bitcoins held.
• Michael Saylor believes more and more nation-states will continue to embrace Bitcoins and that it could potentially become an underlying asset to the US dollar.

Microstrategy’s Crypto Investment

MicroStrategy is one of the largest corporate owners of Bitcoin and on Wednesday, April 5, they announced that they had purchased an additional 1,045 BTC taking their total holdings past 140,000 BTC. This purchase came just a week after they had purchased 6,455 bitcoins worth $150 million on March 27. So far till date, MicroStrategy has spent over $4.1 billion in all of the 140,000 Bitcoins it acquired with an average price of $29,803 per coin. If the Bitcoin (BTC) price jumps another 6 percent from its current levels then MicroStrategy will have made a profit from their investment.

Michael Saylor’s Bullish Stance On Bitcoin

Michael Saylor who is executive chairman at MicroStrategy has been ultra-bullish on Bitcoin’s future ever since he started accumulating in 2020 despite several periods of market volatility. In one interview he said how top regulators have willingly identified Bitcoin as a digital asset and that more nation-states will continue to embrace Bitcoins going forward. He also believes that although USD will remain as world’s reserve currency but Bitcoin could potentially become an underlying asset to it as well.

Bitcoin Price Predictions

Currently Bitcoin (BTC) is consolidating at around the $28,000 level after a strong 70 percent rally in the first quarter of 2023 and some experts believe that if this trend continues then we could see prices surge up to $30k by end of this week or so.

Conclusion

It remains to be seen if these predictions come true but one thing is certain – investors are becoming increasingly bullish about cryptocurrency investments especially when major companies like MicroStrategy are investing large amounts into them even during volatile market conditions like crypto winter last year.

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