Even as Tesla’s Elon Musk, as well as Twitter’s co-founder Jack Dorsey, argue over the future of cryptocurrency. Cryptocurrency prices and Bitcoin have conducted a late Christmas rally this week, with Bitcoin prices rising over $50,000 per coin.
The price of Bitcoin has risen to levels never seen before since the early December crisis, bolstering the price of Ether. Smaller currencies, including Ethereum and its main competitors, have soared in previous weeks.
As per information from an interview in November with The Information, a tech news site, it published in its Crypto Global newsletter during the week, MicroStrategy’s chief executive Michael Saylor, who has changed his business intelligence corporation into a Bitcoin acquisition driver over the previous 18 months, the Bitcoin price is going to hit $6 million at some point in the future.
A Bitcoin price of $6 million, which has already risen from about $4,000 in March 2020 to almost $70,000 in November, would produce the almost 19 million Bitcoins in circulation a total value of $126 trillion, which is approximately a 12,000 percent increase from its existing market cap of nearly-$1 trillion and resulting in it being one of the most valuable assets on the planet by far.
Furthermore, Saylor also stated that he owns 17,732 Bitcoins, valued at $832 million at today’s price, and has never sold any; nevertheless, he does not hold any other cryptocurrencies except for Bitcoin, despite the fact that many have risen at a much higher rate than Bitcoin in this past year.
Saylor said to The Information, “I don’t believe you should sell your Bitcoin.”
After starting to buy Bitcoin around August 2020, MicroStrategy has already purchased just over 122,000 Bitcoins worth over $6 billion and is progressively being operated as two different firms.
“Right now, the strategy is we run the software business as hard as we can,” Saylor said. “On the other side, we acquire and hold Bitcoin.”
MicroStrategy’s original $250 million Bitcoin acquisition is now worth over $1 billion, and the firm has made a slew of further record-breaking Bitcoin buys since then, all of which were financed with company debt. It made its most recent $82 million Bitcoin purchase earlier in December this year.
The firm’s stock price has increased by 300 percent since August 2020; however, it has moved wildly with the notoriously volatile Bitcoin price.
Saylor, who made headlines when he lost $6 billion in one day throughout the dot-com bubble, has now become known for his extravagant Bitcoin comments.
Moreover, during September 2020, Saylor also mentioned on Twitter, “Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.”
Bitcoin’s massive rise in value over this previous year or so has helped it gain traction on Wall Street and among prominent tech companies. This year alone, Bitcoin has rocked Wall Street, with many of the world’s largest institutions launching crypto services and investing in the cryptocurrency market.
Former Twitter TWTR +0.6 percent CEO Jack Dorsey claimed this week that Bitcoin is going to replace the US dollar at some point in the future. Dorsey recently left the wildly famous social media platform he helped found to focus on his payments firm.
The Bottom Line
Bitcoin’s price fluctuates all the time, but if there’s one thing we’ve learned, it’s that this coin is here to stay. As Bitcoin moves closer to the general public and becomes increasingly intertwined with the international economy, you really need to think about investing sooner or later.
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