TL;DR
- MicroStrategy, led by Michael Saylor, has seen over $1 billion in unrealized Bitcoin profits, recovering from a $1 billion loss in 2022 due to Bitcoin’s price rally.
- The company made large-scale Bitcoin purchases, even after facing significant unrealized losses in the crypto downturn of June 2022.
- Saylor predicts a substantial rise in Bitcoin value by 2024, influenced by the Bitcoin halving and potential approval of a spot Bitcoin ETF, aiming to stabilize and attract institutional investors.
MicroStrategy’s founder and executive chairman, Michael Saylor, has guided the company into having over $1 billion in unrealized profits from its venture into Bitcoin.
Bitcoin’s price rally in recent months has offset the software company’s $1B loss in 2022, with year-to-date gains of over 100%. Now that BTC has reached the $37,000 mark last week —a level not seen since May 2022— MicroStrategy’s Bitcoin position has turned into a jaw-dropping $1,127,036,804.48 profit, as per data from saylortracker.com.
Both triumphs and challenges have marked MicroStrategy’s foray into Bitcoin. The company faced unrealized losses exceeding $1 billion during the crypto rout in June 2022.
The company didn’t take a cautious stance —it purchased in bulk several times, with amounts nearing $150M, $347M, and $147M worth of BTC.
Saylor’s Conviction Admired by the Crypto Community
When discussing conviction, Michael Saylor and Brad Garlinghouse are well-known for defending their stance even when all odds are against them. Saylor has been a crypto advocate for years, reaching lengths to say that there’s only one crypto asset, and that’s Bitcoin.
Saylor believes Bitcoin could see a 10x increase by 2024. As CryptoPotato reported, the entrepreneur shared his thoughts on what could be the potential catalysts for BTC’s next bull run, starting with the upcoming Bitcoin halving in 2024 —which will reduce mining rewards by 50%— and the possible approval of a spot Bitcoin ETF.
Addressing the Bitcoin spot ETF and its hype, Saylor suggested it could attract institutional investors, stabilizing Bitcoin and the entire crypto industry. He also commented on the need for a shift towards “adult supervision” in the industry, referencing the recent legal troubles of Sam Bankman-Fried and emphasizing the importance of rationalizing away from the multitude of crypto tokens in favor of Bitcoin.
The post Bitcoin Bet Gone Right: MicroStrategy With Over $1 Billion of Unrealized BTC Profits appeared first on CryptoPotato.
#CryptoBits #CryptoNews #Bitcoin(BTC)Price [Source: CryptoPotato]