Bitcoin hits $107,000 high: Will institutional adoption drive prices further up?
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On December 16, 2024, the price of Bitcoin hit an all-time high (ATH) of $107,162. The rise has sparked excitement and growing interest from institutional investors. MicroStrategy is one of the leading companies in this revolution and the largest holder of BTC.
Michael Saylor, the company's chairman, compared Bitcoin to Manhattan real estate in an interview with CNBC Money Movers on December 16, calling Bitcoin "Cyber Manhattan."
He said that regardless of Bitcoin's current price, it is still a reasonable investment for him.
Michael Saylor's Bitcoin Views
In the interview, Saylor said Bitcoin is focused on the long term. He compared it to Manhattan real estate, saying that even if the price rises, buying Bitcoin can still be profitable.
MicroStrategy has accumulated 439,000 BTC since 2020, worth more than $45 billion. The company's BTC assets were purchased at an average price of $61,725 per coin, with a total investment of $27.1 billion.
This accounts for about 2.1% of the total supply of Bitcoin.
In December 2024, MicroStrategy continued to boldly purchase BTC. According to SEC 8-K documents, the company purchased 15,350 BTC for approximately $1.5 billion from December 9 to 15.
The average purchase price was $100,386 per coin. The previous week, Bitcoin made another large purchase of 21,550 BTC, worth approximately $2.1 billion.
To finance these acquisitions, MicroStrategy sold 3.88 million shares for $1.5 billion. The company plans to raise $42 billion through further stock and bond issuances to continue expanding its Bitcoin holdings.
As of December 15, MicroStrategy still had $7.65 billion worth of shares available for sale.
MicroStrategy is also expected to be included in the Nasdaq 100 Index on December 23, 2024. This is expected to help increase the liquidity of the stock.
The business intelligence company currently has a market capitalization of approximately $92 billion. This growth is due to MicroStrategy's Bitcoin strategy.
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