The crypto currency market has clearly bottomed despite the seemingly “never ending barrage” of negative news flow. Bitcoin stands as the best performing asset thus far in 2023, and with the halving event now only a year out – we’ve got quite a run ahead of us.
With the amount of exposure / adoption Bitcoin has received over the past few years, coupled with large scale institutional buying, it stands to reason that this next run will be one for the ages. If history is any indication – Bitcoin and crypto absolutely soar into “and well after” this event.
Michael Saylor’s MicroStrategy (MSTR) purchased an additional 1,045 bitcoin (BTC) for a total of $23.9 million, or an average price of $28,016, between March 23 and April 4, according to a Securities and Exchange Commission filing.
This latest purchase brings the company’s bitcoin holdings up to approximately 140,000, worth roughly $4 billion at the current price of $28,500. The overall average purchase price on those holdings is $29,803.
This guy is averaged in at 29k per coin which is essentially today’s price! A publicly traded company with 4 BILLION in BTC on their books at today’s price = simply amazing. If we do the math assuming hedge funds and institutions inevitably hold just 1% of their current holdings in crypto – we are looking at a 10x or even as high as 25x in the total crypto market cap in coming years. Can you say the same for stocks?
It’s a brand new “asset class” – it is NOT a replacement for the U.S Dollar, and it cannot be stopped. Have you ever heard of a multi-trillion dollar market just disappearing? Think of the number of companies / people employed / software developers. Consider the multi billion dollar valuations of companies such as Coinbase. Now Twitter will offer crypto trading services, and the list goes on.
How bout this for a head scratcher. The U.S Government is currently the largest single holder of bitcoin! (Go ahead and google it) with plans to sell in coming months. You don’t think the crooks in Washington aren’t gonna get their piece? Common.
My best suggestion here is to stick to the top 10 as listed at www.coinmarketcap.com. When the market goes…..it’s all going up together so you’ll find the greatest safety at the top. Take 10k ( buy BTC and ETH ) and sit on it for the next 18 months.
You’ll finally be able to afford new warp engines for the your ride, and likely be of greater interest to those cuties on Venus.