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- 1 Michael Saylor, the CEO of MicroStrategy, said the company has no plans to sell any Bitcoin holdings as of now.
- 2 MicroStrategy started to purchase Bitcoin in 2020; as of writing, the company holds 190,000 Bitcoin purchased for an average price of $ 31,224.
- 3 The market cap of the crypto industry grew more than 7% in the past week; as of writing, the market cap was $1.94 Trillion.
Michael Saylor, the chief executive officer of MicroStrategy, noted while talking to Bloomberg that there is no plan to sell Bitcoin from the company’s balance sheet.
Saylor added that the recent approval and growth of the Bitcoin spot ETF has created opportunities for institutional capital to flow into the Bitcoin ecosystem, and that type of fund contributes to the digital transformation of capital.
“Every day, hundreds of millions of dollars of capital is flowing from the traditional analog ecosystem into the digital economy,” said the CEO of MicroStrategy.
He said, “We believe capital will keep flowing from those asset classes into Bitcoin because Bitcoin is technically superior to those asset classes, and that being the case, there’s just no reason to sell the winner and buy the losers.”
MicroStrategy started purchasing Bitcoin in 2020; as of writing, the company holds $190,000 Bitcoin purchased for an average price of $ 31,224. The firm is among the firms that have the most Bitcoins.
As of writing, the company has generated over $3 Billion in profit from its total Bitcoin holdings; the spiking price of the BTC has helped the firm create considerable profits in the short term.
When writing Bitcoin, the market leader was trading at $51,212. Earlier on February 20, it was trading at the boundary of $52k and was likely to achieve $53k. However, a sudden decline in the price was observed compared to the price a day ago.
Michael Saylor is among the most successful crypto moguls. He wrote the book ‘The Mobile Wave: How Mobile Intelligence Will Change Everything.’
Why Is Bitcoin Surging?
Since the past few months, Bitcoin prices have significantly improved; some analysts claim the upcoming 4th Bitcoin halving will boost the price. Others argue that the recently approved Bitcoin spot ETF is pumping the spike.
The due Bitcoin halving is expected to occur on April 19, 2024; in the event of halving, the mining reward will be divided into two halves, and the obtained amount will be set as new rewards.
Crypto Market Updates
The market capitalization of the crypto surged more than 7% in the past week. As of writing, the market cap was $1.94 Trillion. It is crucial to note that in the intraday time frame, a steep decline of 2.85% was seen in the trading price.
Ether spot ETF is the hottest topic of the crypto market, and constant decisions and developments over the concern have stirred the market. The Ether spot ETF is expected to receive approval in May this year.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
