In the midst of a cryptocurrency market that has seen better days, MicroStrategy’s unwavering belief in bitcoin is proving fruitful. CEO Michael Saylor’s steadfast approach of holding and accumulating more of the digital currency, even amidst drastic price fluctuations, is yielding positive results.
Bitcoin Holdings Appreciate
The firm’s strategy to buy and hold has weathered the storm of the crypto bear market. The company’s portfolio of 152,000 bitcoins, valued at around $29,865 each as of June 28, 2023, speaks to the success of Saylor’s long-term vision. The decline in bitcoin’s price, dropping 56% from its peak, has not deterred MicroStrategy’s confidence in the cryptocurrency’s potential.
Interestingly, a surge of over 11% in bitcoin’s value within the past week, propelled by positive Ripple news, has provided a welcome boost. The cryptocurrency climbed from a 30-day low of $26,011.47 to touch $30,000 before settling at its current price. This recent uptick underscores the volatile yet potentially rewarding nature of investing in digital currencies.
Furthermore, with the recent stabilization in the crypto markets, Saylor isn’t thinking of cutting back. Quite the opposite—he’s exploring ways to raise more capital to expand MicroStrategy’s bitcoin portfolio. Despite the roller coaster ride of cryptocurrency values, Saylor’s unwavering commitment exemplifies a long-term investment outlook. He focuses on future potential rather than short-term uncertainties.
A Successful Strategy
Thus, despite bitcoin trading at $29,865, down 56% from its all-time highs, MicroStrategy has realized over $60 million in unrealized gains. This increase is due to the company’s strategic acquisitions during April and June, buying thousands of bitcoins as the price hovered near $30,000. Saylor’s consistent strategy of capitalizing on opportunities to acquire more bitcoin amid market lows is proving beneficial.
