MicroStrategy’s Recent Bitcoin Purchase Elevates Their Share to Nearly 1% of Total Supply

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MicroStrategy is playing the long game with another strategic BTC move. Michael Saylor and MicroStrategy just snagged 16,130 BTC, dropping nearly $600 million on the purchase, now boasting 174,530 BTC valued at $5.28 billion. Saylor’s not done – he plans to keep raising funds for more Bitcoin buys. Remember when skeptics laughed, predicting his company’s demise? Good times! 

Galaxy Digital’s Mike Novogratz hailed MicroStrategy CEO Michael Saylor as a “legend” for the company’s bold investment of $593 million in Bitcoin. Saylor’s move involved selling $600 million in stock to acquire Bitcoin, causing a notable surge in MicroStrategy’s stock compared to Bitcoin, catching Novogratz’s attention.

MicroStrategy’s Aggressive Bitcoin Accumulation

Reports confirm MicroStrategy’s acquisition of 16,130 Bitcoins at an average price of $36,785 per coin. This significant purchase boosted the company’s total Bitcoin holdings to an impressive 174,530 coins, procured at an average price of $30,252 each, including fees and expenses. 

Novogratz shared his confidence in the cryptocurrency industry’s evolution following the 2022 market crash, expressing the removal of most bad actors within the space. He anticipates potential Federal Reserve rate cuts in the second quarter of 2024, signifying likely shifts in crypto market dynamics, paving the way for future growth and stability.

Anticipating a Bitcoin Rally: ETF Approval Hype Continues

The excitement surrounding the potential approval of a Bitcoin Spot ETF is evident in increased market activity. This anticipation contributed to a surge in Bitcoin prices, leading to roughly $8.94 million in short liquidations overnight. Looking at the bigger picture, Novogratz remains bullish on Bitcoin’s future, citing the spot Bitcoin ETF’s approval as a crucial catalyst for an upcoming rally. He believes increased Bitcoin adoption, driven by major industry players like BlackRock and Fidelity, could significantly propel its price.

Meanwhile, crypto analyst Crypto Tony foresees a promising trajectory for Bitcoin, hinting at a potential surge to $40,000 driven by sustained market demand. Despite the optimistic outlook, Tony points towards an impending correction after hitting the $40,000 mark, foreseeing prices potentially retracing to $36,000. As Bitcoin Spot ETF approval intensifies, the looming prospect of their introduction in January remains a focal point, promising transformative changes within the cryptocurrency space. 

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[Source: Coinpedia]