Wasn't that laughable at one point of time that any serious business would consider Bitcoin as an investment strategy? It all went on that way until 2020 when Microstrategy, a publicly traded business intelligence company, started acquiring Bitcoins as hedge against inflation. At present Microstrategy holds 189,150 Bitcoin which nearly represents 1% of Bitcoin's circulating supply.
Now as Saylor's bet on Bitcoin has started reaping rewards for him and his company, He has become more than an evangelist for the upcoming bull run. Considering that Saylor views Bitcoin as a long term asset, we can rest assured that he won't sell out in near future. The more Bitcoins are 'Not For Sale', the more the value rest of them get.
Recently Microstrategy bought another 14620 Bitcoins at an average price of $42110 and invested around $615 Million. This purchase took Microstrategy to another level as it now boasts around 1% of overall supply of the most popular Cryptocurrency.
This move of putting Bitcoin on the balance sheet was done out of Michael Saylor's faith in Bitcoin. Isn't that smart when the world was smelling of a melt down? Saylor went on a buying spree for the same subject. That smartness resulted on 2 fronts actually.
- First The company is now sitting on around $2 billion in profit from its bitcoin holdings as of early December.
- Secondly, the shares of Microstrategy has seen an yearly growth of more than 300% which is more than tech giants like Nvidia and Meta.
These gains in shares' value of Microstrategy have even outpaced Bitcoin which hardly got YTD profits of 150% nearly.
"Our goal is to accumulate as much Bitcoin as we can on behalf of our shareholders," Michael Saylor on Bloomberg TV.
Bitcoin is such a wonder that these pledges will definitely be more and more once it gets more mainstream. Saylor knows that and he is ready to stake more and more into his love for Bitcoin.
Overall, the achievement of holding 1% of Bitcoin's supply isn't a small feat and this will definitely has a say on the price movement of Bitcoin.
Now consider this scenario where 20% Bitcoins are lost, and now 1% are owned by someone who's not interested in selling as of now. As the time passes, we are sure to witness many other institutions holding Bitcoin and that will lead to scarcity for buyers and ultimately put Bitcoin in such a position where its price would definitely be in millions.
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