A whale buys 14,620 new bitcoins.. why?

MicroStrategy, owned by Michael Saylor, announced that it purchased 14,620 bitcoins at an average purchase price of $42,110, equating to approximately $615.7 million for the transaction.

MicroStrategy continues to buy Bitcoin with intensity and enthusiasm

MicroStrategy, which holds the largest amount of bitcoins in the world, added 14,620 bitcoins to its portfolio. With an average purchase price of $42,110.
This deal, the company’s second-largest in 2023, represents a total investment of approximately $615.7 million.

Thus, MicroStrategy now has a total of 189,150 Bitcoin in its wallet, purchased at an average price of $31,168.
This investment is its second largest in 2023, following its acquisition of 16,130 BTC last month. Before purchasing 12,333 bitcoins last June.

Michael Saylor, like most investors, appears to be betting on one or more Bitcoin ETFs being approved between January 8 and 10.
In this regard, the CEO of MicroStrategy recently said that Bitcoin ETFs represent “the biggest news on Wall Street in 30 years.”

He stated that Bitcoin ETFs represent an entryway for investors who are not interested in buying cryptocurrencies yet.
He compared this to the creation of the S&P500 index, which allows easy investment in the 500 largest companies included in this index.

However, some are skeptical about Bitcoin ETFs.
The founder of the cryptocurrency exchange BitMEX, Arthur Hayes, believes that this will be a disaster in the future.
ETF issuers would have to store very large amounts of Bitcoin, which is against the Bitcoin philosophy. Which should be traded.

Michael Saylor’s stock will explode in 2023

MicroStrategy’s MSTR stock, which is listed on the Nasdaq, is up more than 360% during 2023. It currently trades at more than $670.
Although MicroStrategy invests heavily in Bitcoin, the company has no inherent connection to this digital asset, as it is a software publisher.
However, its stock price is closely related to the development of the BTC price.

Simply put, MSTR’s stock price is tied to the number of Bitcoins held by MicroStrategy.
Also, the potential approval soon of several Bitcoin ETFs could prompt some investors to buy MSTR shares.
Hopefully, its price will continue to rise along with Bitcoin.

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