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MicroStrategy’s Bitcoin Bet Pays Off: Surpassed $20bn in Bitcoin Profits
In a monumental milestone, MicroStrategy has successfully surpassed the staggering figure of $20 billion in Bitcoin profits, as the cryptocurrency’s price reached an unprecedented high of $108,000. This remarkable achievement comes on the heels of the company’s recent announcement that it now holds a substantial 439,000 BTC, purchased for a total amount of $27.1 billion.
Despite its Bitcoin strategy fueling massive gains, MicroStrategy’s core software business has remained unprofitable. Nevertheless, this reality has not deterred investors from showing strong confidence in the company, which is reflected in its stock (MSTR) boasting an impressive market capitalization of $83 billion.
It is also worth noting that this surge in Bitcoin comes at a time when there are mounting speculations about President-elect Donald Trump’s plans to establish a U.S. strategic Bitcoin reserve. If this development were to materialize, it could have far-reaching implications for the global crypto market.
For those unfamiliar, MicroStrategy has been an early adopter of Bitcoin as a means of diversifying its portfolio and hedging against potential economic downturns. The company’s bold bet on cryptocurrency has undoubtedly paid off in spades, with the firm’s decision to hold onto its massive BTC holdings yielding substantial returns.
Source: coinpedia.org
