We’re moving fast, making product improvements weekly on our new upgraded system. With more exciting updates coming soon, here’s a summary of our recent product updates that have been rolled out in the months of May and June.
Analysis: Another choppy week of June concludes, with top 50 coins seeing anywhere from 10% to 25% decreases over the 7-day period. However, most coins rallied significantly Wednesday and Thursday, after most of the downward action took place on Monday. Spot trading volumes continue to trend below 30 day averages, but saw significant increases on Wednesday during the upward momentum.
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With the recent turn in cryptocurrency prices, some have begun to bet against bitcoin, but MicroStrategy, the public data analytics company, is going all in.
MicroStrategy (MSTR) has gained a reputation for being one of the biggest supporters of bitcoin. In fact, prior to the company purchasing bitcoin, the company was only well known in their industry, not the world stage. Therefore, many are surprised to learn that MicroStrategy is not a new company and was founded in 1989. Like most people, though, you probably know the name from their impressive (and slightly risky) bets on bitcoin, which began in 2020. It was in that year that the company devised a new treasury strategy to acquire bitcoin in large lump-sum purchases. The company has even gone so far as to raise new debt to add bitcoin to its holdings. The most recent purchase was made earlier this week.
What is the MicroStrategy strategy?
Michael Saylor, the MicroStrategy CEO, has since taken to Twitter to share his bitcoin enthusiasm. Most recently, on June 21, Michael shares that Microstrategy has purchased another 13,005 BTC at an average price of $37,617 (about $489 million total). Taken with the rest of their portfolio, the company’s average coin price is now sitting at $26,080 and is worth over 3 billion. And this purchase likely will not be the last.
Back in February, Michael Saylor told his investors that they plan to continue holding their bitcoin and invest additional cash flows into the digital currency; his actions further legitimizing this statement.
Even among other corporations, no company has come close to mimicking its strategy. However, as the first publicly traded company, they certainly have helped position bitcoin as an institutional-grade safe-haven asset. With what result? A number of other public companies purchased bitcoin for their treasury, including Square and Tesla.
Although MicroStrategy’s valuation now follows the price of bitcoin with a temporary drop, led by China’s crackdown, the company may be on to something. After all, they did pave the way for publicly traded companies when they first launched their strategy and may have inadvertently pushed bitcoin to a new all-time high.
*This opinion piece is not investment advice, always do your own research.
Many of Bitcoin’s critics have said it could never be used as a mainstream adopted payment method because of the associated fees and speed of transactions. But now, El Salvador and possibly Paraguay and other nations are preparing to make Bitcoin legal tender. Scalability will be important, and projects like Lightning Network that could completely change the game.
What is the lightning network?
How does it operate?
We answer these questions in our latest article on Bitbuy resources.
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