If you’re a Bitcoin holder it’s time to celebrate today! BTC has finally passed its real all time high of $20,094. Congratulations if you held since its last ATH in 2018. It has been a crazy ride back to $20k but we finally did it!
One company that comes to mind during this time is MicroStrategy, who put over $400 million of their treasury into Bitcoin. Michael Saylor, the CEO of MicroStrategy has become a huge trailblazer for Bitcoin in recent months. The decision to put 31% of their treasury into Bitcoin as a public company takes massive courage and unbreakable belief. However, since Mr. Saylor made the decision, MicroStrategy has doubled their USD value in Bitcoin as the price has been trending to all time highs (which we passed today in case I haven’t mentioned it already :)).
Why did MicroStrategy do this?
It all comes down to narrative. The narrative of Bitcoin over the passed couple years has formed into a store of value. We spoke about this in previous newsletters because it is the major idea driving Bitcoins value in the market. As the FED keeps printing more stimulus money, the fiat in a companies treasury becomes less valuable. Since Bitcoin has a limited supply of 21 million without the ability to create more, an increase in demand significantly drives up its value.
MicroStrategy isn’t the only one.
MicroStrategy isn’t the only company doing this. In fact there is a whole website dedicated to tracking Bitcoin Treasuries. Check it out here.
Currently over $16 billion has been invested into Bitcoin by company treasuries. This includes private, public, and ETF like companies. These investments are now worth over $18 billion. This equals to 4.23% of the Bitcoin supply.
One stand out company is Grayscale who owns over 500k Bitcoin. They operate the ticker $GBTC that retail investors can buy on the stock market. Similar to QBTC which we mentioned before, it flows with Bitcoin with a small premium.
Here is the complete chart from Bitcoin Treasuries.
Every single company in this list has made profit on their Bitcoin holdings versus continuously losing wealth holding fiat. The market now has a legitimate option against government controlled currencies and inflation.
Did I mention Bitcoin made an all time high today? Because it did. Get on board.
Let’s connect on Twitter. Looking forward to hearing your thoughts and feedback.
In the news…
Resources I Use
I use Glassnode for all the metrics I track on the Bitcoin network. Their platform is extremely user friendly and fun to use.
Binance is the main exchange I use to trade the crypto markets.
Trading Alpha has built their own indicators that provide buy and sell signals for crypto and equities trading.
I use Tradingview daily to analyze trading charts and find areas of support and resistance.
I learned how to trade through the Bulls on Wall Street program. I’m in this chat everyday giving out my trade ideas.
Nothing in this article is investment advice. I’m not a financial advisor. Do not make investment decisions based on what is in this article or any other article written by BTC News or Blockedia.