As a seasoned researcher with a keen eye for trends in the digital asset market, I have been closely monitoring the Bitcoin acquisition spree by Japan’s Metaplanet (Asia’s MicroStrategy equivalent). My personal experience in this field has taught me that such aggressive moves by publicly-listed firms often signal a strong belief in the potential of a particular asset.
In October this year, Metaplanet, a subsidiary of MicroStrategy based in Asia, has been aggressively buying Bitcoin. Over the past fortnight, they’ve acquired over 300 Bitcoins, resulting in a 60% increase in their Bitcoin holdings for the month. On Tuesday alone, this Japanese publicly-traded company bought an additional 106.976 Bitcoins, worth approximately 1 billion Japanese yen, as the price of Bitcoin soared towards $66,000.
Metaplanet on A Bitcoin Acquisition Spree
Metaplanet Japan, often referred to as Asia’s equivalent of MicroStrategy, has been actively buying Bitcoin this month, even amid the lackluster beginning of the anticipated ‘Uptober’ rally. After its most recent purchase on October 15, the company now holds a total of 855.478 Bitcoins, which it acquired for approximately ¥7.965 billion. This equates to an average price of about ¥9,310,061 per Bitcoin.
*Metaplanet purchases additional 106.97 $BTC*
— Metaplanet Inc. (@Metaplanet_JP) October 15, 2024
Due to this recent development, the value of Metaplanet’s stocks soared by an impressive 15.71% to reach 1,105 JPY on Tuesday. Given that they have followed Microstrategy’s approach with Bitcoin, it is possible for their stock price to increase in a manner similar to MSTR.
In addition, Asian cryptocurrency investors might view Metaplanet as a substitute for Bitcoin investment. Since adopting a Bitcoin-centric approach in May 2024, the company’s stock value has surged over 300%.
BTC Price Gears for A Parabolic Rally
The BTC price has been making bullish moves shooting past its crucial resistance of $65,000. As of press time, the Bitcoin price is trading 2.18% up at $65,500 levels. In the past few weeks, the BTC price has shown strong volatility in the range of $58,000-$65,000.
Crypto expert Ali Martinez has underscored an important pattern in Bitcoin price fluctuations, observing that on three previous occasions when Bitcoin rose above its 200-day moving average, it sparked powerful bullish surges. Currently, he suggests, Bitcoin is trying to breach this significant threshold again, fueling anticipation of another possible upward trend. Martinez hints that Bitcoin could reach a new record high of $78,000 next if this happens. Recent acquisitions by Metaplanet might further boost this potential momentum.
drop to $60,000,
rebound to $66,000,
retrace to $57,000,$78,000 next!
— Ali (@ali_charts) October 14, 2024
On Monday, Kamala Harris, the Democratic nominee for President, announced her commitment to establishing a regulatory structure for digital assets, sparking excitement within the industry. This plan, designed to create wealth-building chances for Black communities, is being proposed mere weeks before the much-anticipated 2024 U.S. elections. Harris’ team penned:
Ensuring the framework for digital asset ownership and investment benefits both owners and investors, she aims to safeguard the interests of Black men and all market participants.
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2024-10-15 08:26