MicroStrategy's Bitcoin Bet Propels Market Value Beyond $100 Billion
TL;DR Summary
MicroStrategy, led by billionaire Michael Saylor, has significantly increased its Bitcoin holdings, now owning 279,420 Bitcoins valued at $24.5 billion. Despite Bitcoin's price surge, Saylor remains bullish, predicting it could reach $100,000 by 2024 and $13 million in 21 years. MicroStrategy's pivot to Bitcoin has overshadowed its struggling software business, leading to increased debt and share issuance to fund further Bitcoin purchases. This strategy is risky, hinging on Bitcoin's future performance against the U.S. dollar.
Topics:business#bitcoin#cryptocurrency-investment#enterprise-software#finance#michael-saylor#microstrategy
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