Swedish Consulate – Michael Saylor, the founder and chairman of MicroStrategy, has made headlines in the cryptocurrency community with his latest forecast for Bitcoin. Saylor anticipates that the price of Bitcoin could soar to USD 49 million.
“By the year 2045, Bitcoin’s price could range between USD 3 million and USD 49 million, with a midpoint around USD 13 million,” Saylor stated, as reported by Yahoo Finance on Friday (August 9, 2024).
MicroStrategy Bitcoin Holdings and Investment Details as of June 2024
Saylor is a highly knowledgeable figure in technology and cryptocurrency. He is credited with implementing Bitcoin investment as a strategy for MicroStrategy. As of June 24, 2024, MicroStrategy holds 226,331 Bitcoins. The company has reported an average purchase price of USD 35,158 per Bitcoin.
MicroStrategy has also announced plans to issue USD 500 million in convertible bonds to acquire additional Bitcoin. These bonds, maturing in 2032, are aimed at qualified institutional buyers.
The decision to sell bonds for Bitcoin investment underscores MicroStrategy’s strategic emphasis on digital currency as a core asset, surpassing the holdings of other corporate entities.
The bonds will accrue interest semiannually and can be convert into MicroStrategy stock or cash under certain conditions. This initiative is part of a broader trend in MicroStrategy’s blockchain efforts. Including using Bitcoin’s blockchain to enhance digital identity security.
Disclaimer: Investment decisions are the responsibility of the reader. Please conduct thorough research and analysis before buying or selling cryptocurrencies. Swedish Consulate Media is not liable for any gains or losses arising from investment decisions.
Bitcoin’s Future Potential After a 20% Drop
Recently, the cryptocurrency market has experienced a significant decline in prices over the past week. This downturn is attributed to several factors.
Among these are concerns about a potential recession in the U.S. following recent employment data. The possibility of selling pressure from over 17,000 Mt. Gox creditors who have received their cryptocurrency asset returns.
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Bitcoin Miners Show Optimism Despite Recent Hash Rate Fluctuations
In response to these conditions, Crypto Analyst Reku, Fahmi Almuttaqin, noted that Bitcoin miners remain relatively optimistic. With only minor fluctuations in hash rate, which are consider normal and do not indicate a halt in mining operations.
Fahmi pointed out that this situation contrasts with the significant hash rate decline observed on June 23. Which was follow by a drop in Bitcoin’s price from USD 64,000 to USD 59,000 by June 25 and USD 54,000 by July 5.
“With this optimism, there is still potential for Bitcoin’s performance to improve.” Fahmi stated in an official release, quoted on Thursday (August 8, 2024).
With a bullish trend appearing to withstand market sell-offs. The period from August to September might see some investors accumulating assets in preparation for a major rally in the crypto market. Potentially following changes in the Federal Reserve’s interest rate policy.
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