Michael Saylor’s move on Bitcoin is starting to see returns as the BTC precise surges now record its hit over the $30,500 mark. Bitcoin hit its all-time high in 2020 when it reached $69,789 and this generated a growing interest in the crypto by institutional investors. Bitcoin’s price gained momentum to reach its highest level with the addition of Michael Saylor’s endorsement of the crypto.
Among other factors that contributed to the rise of BTC is its increasing adoption by companies all around the globe, generating interest from retail investors who contributed to its market movements, and placing accurate investments. MicroStrategy (MSTR) is among the bitcoin institutional investors that was led by Michael Saylor.
Green returns on Michael Saylor’s BTC move
The Bitcoin holdings placed by Michael Saylor have gained significant returns following the growing profits realized from its price pushing towards the $31,000 mark. Moreover, the long bullish trend was anticipated since the bearish pattern witnessed since late 2022, from its peak high in 2021.
The bearish pattern led to a drop of over 80% of its market price from its highest price. However, the increase in crypto price can be linked to recent events on the innovation of Bitcoin spot exchange-traded funds.
The ETFs are among the catalysts that increase the BTC market value, and this can be evidenced by the SEC approval reports that turned out to be untrue. ETF approval, coupled with the next halving event, has assisted in boosting BTC returns, closing to nearly doubling its value since the first quarter of this year.
MicroStrategy’s CEO Michael Saylor, over the years, has been a huge supporter of BTC and has become a vocal supporter of the digital currency. Since its Bitcoin endorsement, the firm has only sold its BTC once. This was a 708 Bitcoin sale that was done in December 2022 and was worth $11 million at the time.
Growth of BTC holdings by MicroStrategy
The company recently made a purchase of 5,445 BTC on September 24, 2023. This was about $150 million worth of BTC at an average price of $27,053. Following the recent purchase, the total BTC holdings for the MicroStrategy company were brought to 158,245 Bitcoins, amounting to $4.68 billion. This price reflects Bitcoin’s price at $29,585.
According to Bitcoin Treasuries, the total holding stock is the largest and is preceded by the next institutional trader 14 times below its total amount. In total, the company has accounted for a total of 12,333 Bitcoin this year through raising funds, and all have seen a return based on the assets’ bull rally.
Michael Saylor also commented on the Bitcoin bull rally by showing data on bitcoins outperformance compared to other traditional currencies from the time his company adopted BTC.
Following its current price, which is well above $30,300, its bet is on green with a profit of about $1,000 on each BTC. This accounts for a $160 million gain. Also, according to market reports, the endorsement amount is also experiencing a huge return in profit.
The company has gained a profit from its initial losses in 2020 brought about by The United States Federal Reserve’s policy on hiking interest rates. This was coupled with macroeconomic events that shook the crypto community, including the collapse of FTX.
Bitcoin’s future is still unknown as the year comes to an end. However, market sentiments show an end to its consolidation period, expecting a bull rally. Still, adoring to market chart data, BTC price is showing a rise above its relative strength index (RSI) and this indicates the levels overbought over the 70 level, and this means an expected correction, meaning a potential drop. This is yet to be determined.