[Bitcoin giant MicroStrategy reports its huge profits]
Business intelligence giant MicroStrategy, led by Michael Saylor, has made staggering unrealized profits as the price of Bitcoin recently surged above $37,000, blockchain expert Look on Chain has revealed.
Since August 2020, Saylor has shifted the company's focus to Bitcoin investment and actively purchased large amounts of Bitcoin. As recently as October, Look on Chain stated that MicroStrategy purchased an additional 155 Bitcoins, spending approximately $5.3 million. The company currently holds a total of 158,400 Bitcoins, with an average purchase cost of $29,587.
MicroStrategy's unrealized profits surpass a staggering $11 billion after Bitcoin topped $37,000. Since May of this year, the firm has added an average of 28,715 Bitcoin at a price of $29,582.
At the same time, the next Bitcoin halving (Halving) is expected to be held between April and May next year, aiming to enhance Bitcoin’s deflationary nature by halving miner rewards. In the year since the last halving, Bitcoin prices have surged, even reaching an all-time high of $69,000 last October.
However, some believe that the halving is not the only reason for Bitcoin’s surge. In early 2021, Elon Musk's Tesla purchased $1.5 billion in Bitcoin and briefly accepted Bitcoin payments, but ended this payment method due to environmental concerns. Tesla has since gradually sold off its Bitcoin inventory and currently holds approximately $218 million in Bitcoin.
The Bitcoin community is looking forward to Tesla accepting Bitcoin payments again. Musk has said that this payment option will be revived as long as more than 50% of global Bitcoin mining comes from renewable energy. Michael Saylor claimed in 2021 that this goal had been achieved, but Tesla has still not reinstated Bitcoin payments.
