Bitcoin assets of Virginia-based business intelligence company MicroStrategy reached 226,500 BTC. Famous crypto analyst PlanB also re-evaluated his Bitcoin market analysis with updated information and charts.
MicroStrategy Increases Bitcoin Investments
MicroStrategy's CEO, Michael Saylor, announced that the company purchased another 169 BTC for $11.4 million in July. The company stands out as the largest institutional owner of Bitcoin. According to Bitcoin Treasuries data, the total value of MicroStrategy's Bitcoin assets exceeded $14.5 billion. Marathon Digital, a major Bitcoin mining company, ranks second with $1.29 billion worth of BTC. Saylor emphasized that the Bitcoin strategy is the best strategy on social media and drew attention to the impressive performance of the company's shares. Thanks to the strategy adopted in August 2020, MicroStrategy shares increased by 1,206%. During this period, the increase in the technology-heavy Nasdaq 100 was only 60%. In the second quarter of the year, the company posted a loss of $102.6 million due to cryptocurrency-related impairment; In the previous quarter, it reported a net loss of $115.2 million.
MicroStrategy's BTC-related strategies set an important example for traditional companies. Some of these companies stated that they benefited from MicroStrategy's methods when creating their own BTC strategies. Companies such as Metaplanet, which recently joined the "Bitcoin for Corporation" program, started their BTC accumulation a few months ago. The Japanese investment firm confirmed that it purchased more than 225 BTC just four months after it started accumulating Bitcoin. The willingness of these companies to invest in BTC is linked to their trust in cryptocurrency. Bitcoin's decentralized structure, its capacity as a store of value and its long-term sustainability are among the main reasons for this trust. Many firms consider Bitcoin as a hedge against inflation and hold it as a strategic reserve asset. BTC is often compared to gold. As you follow from Kriptokoin.com, analyst Peter Brandt also made new comments on the relationship between Bitcoin and gold.
Is a Bull Market Coming? Projections of PlanB
PlanB revisited the famous Stock-to-Flow (S2F) model, which tracks Bitcoin's price based on its stock-to-flow ratio. This model shows significant price increases following each halving event, but the cycles in the 2020-2024 period did not meet previous expectations. Therefore, a new Bitcoin miner capitulation is not foreseen to ease the selling pressure on BTC prices. Although the model's failure to reach the $ 100,000 level in 2021 may lead to some misunderstandings, PlanB predicts that Bitcoin can reach a price level between 250,000 and $ 1 million in the next cycle. Currently, Bitcoin is in the early stages of a bull market in the red phase. Historically, transitions between bull and bear markets can be volatile, and yellow periods can signal potential market tops or transitions. PlanB states that patience and observation is required to confirm whether the current bull market will continue. It also introduces a new chart focusing on miner revenue trends. Following the downturn, miner revenues have seen a recovery. This increase could be an early sign of the market moving into the next bullish phase.
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