On video: Power plant restarted to mine Bitcoin/Angular
MicroStrategy, the public company that owns the largest amount of Bitcoin worth $8.1 billion, purchased an additional 850 coins in January, bringing its total holdings to 190,000 coins.
MicroStrategy is an American business intelligence (BI) company that provides technology services, mobile products and cloud services.
Yesterday, in the fourth quarter of 2023 investor call, the company's CFO, Andrew Kang, said that the company purchased about 56,650 bitcoin coins during the year at an average price of $33,580, amounting to $1.9 billion.
Michael Saylor, who previously served as CEO "to the company and currently serves as chairman, is known as a staunch fan of Bitcoin and one who promotes permanent investment in Bitcoin. According to him, "Unlike the last 15 years, the next 15 years will be a period of regulated and increased institutional growth for Bitcoin."
Sailor.
"The next 15 years will be a period of increased institutional growth for the currency"/GettyImages
In December 2020, MicroStrategy became the first publicly traded company to purchase Bitcoin for capital allocation.
And since then, the company's stock price has soared more than 300%.
The approach of the company's managers in general and of Saylor in particular is to take loans at low interest rates and channel revenues in favor of purchasing Bitcoin, in the expectation that over time the value of the dollar will continue to weaken and the value of Bitcoin will continue to strengthen in dollar terms.
Saylor added that the moment Bitcoin's hedge funds arrived, they contributed to its positioning as a means of maintaining value that is also exchangeable, something that he believes weakens the many criticisms of Bitcoin that it is not a currency, and cannot be used as "real" money, since a hedge fund is the instrument The most supervised financial today, and the approval of Bitcoin hedge funds significantly increases trust in it.
While many fear that the Bitcoin hedge funds led by BlackRock (BlackRock) and Fidelity (Fidelity) will eat into the market share of Microstrategy, which has chosen a strategy of accumulating as many coins as possible, Saylor does not seem to be worried, and broadcasts business as usual, along with anticipation and plans to acquire More bitcoins in the future.
Moments after the approval of the hedge funds, Bitcoin reached a local record of $49,000 and from there changed direction sharply and aggressively until it reached a price of $38,500 per currency.
As of writing these words, Bitcoin is trading at a rate of $43,100.
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Cathy Wood.
Bitcoin is seen as a place of refuge in situations where banks and trust in them are in crisis/GettyImages
Cathy Wood is also optimistic
According to Kathy Wood, one of the most popular investors on Wall Street, investors are now switching from gold to Bitcoin.
Wood, who serves as CEO and owner of the ARK Fund, expects this trend to continue, as investors can now trade bitcoin more accessible through ETFs that track bitcoin.
Additionally, Wood said the market demonstrated bitcoin's importance firsthand in March 2023, when the United States experienced "Regional banking crisis", which triggered a 40% increase in the price of Bitcoin. According to her, those events prove that Bitcoin is seen as a place of refuge in situations where banks and trust in them are in crisis. At the same time
, Wood noted that 15 million of the 19.5 million Bitcoin coins currently on the market (there can only be 21 million bitcoins at most), have not changed positions for more than 155 days, indicating that "strong-handed" investors who take a longer-term view are not selling their holdings.
Wood's mutual fund was one of those who launched a Bitcoin ETF called ARK 21Shares Bitcoin ETF The Ark 21Shares ETF currently holds approximately $716 million worth of Bitcoin.
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