Michael Saylor’s business intelligence firm has significantly increased its Bitcoin reserves by acquiring 51,780 BTC at $4.6 billion.
Microstrategy, a prominent Nasdaq-listed company trading under $MSTR, has been a major institutional Bitcoin investor since 2020, led by its former CEO and current chairman, Michael Saylor.
On 18 November 2024, the company announced its latest purchase of 51,780 BTC at an average price of $88,627 per Bitcoin.
With this new acquisition, Microstrategy’s total Bitcoin holdings have grown to 331,200 BTC, bought at an aggregate cost of $16.5 billion with an average acquisition price of $49,874. This puts the company in an unrealized profit position of $13.8 billion.
Bitcoin Price and Market Predictions
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The current trading price of Bitcoin is $91,806, representing a 1.35% increase over the last 24 hours.
Michael Saylor recently stated that Bitcoin reaching $100,000 is just a stepping stone for its long-term growth potential. Market analysts are optimistic, with some suggesting that Bitcoin could soon surpass the $100,000 milestone.
A notable crypto analyst, “Titan of Crypto,” recently shared projections that Bitcoin is poised for a significant rally, likely heading toward $100,000 in the near term.
Bitcoin’s bullish trend offers opportunities but also comes with potential risks due to its volatility. Investors should carefully manage their positions, avoid over-leveraging, and stay updated on market developments. Patience and diversified strategies are key to minimising risks while taking advantage of long-term growth.
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