As a seasoned crypto investor with a knack for spotting trends and understanding their undercurrents, I find myself increasingly captivated by the meteoric rise of Bitcoin, particularly in light of Michael Saylor’s recent tweet and MicroStrategy’s strategic Bitcoin acquisitions.
Michael Saylor, the founder and current executive chair of the giant firm MicroStrategy, recently posted an optimistic tweet about Bitcoin hitting a fresh all-time high near $90,000. This impressive rise occurred shortly following the company’s announcement of yet more significant Bitcoin acquisitions.
Saylor reacts to Bitcoin almost reaching $90,000
In the past 24 hours, I’ve witnessed a stunning 10% surge in the value of the world’s top cryptocurrency, propelling it from around $81,900 to an impressive new high of $89,956 – setting yet another all-time record this week. In response to this breathtaking rise, MicroStrategy’s CEO, Michael Saylor, shared an AI-generated image online. The image depicted him donning a space suit and helmet, with a backdrop of Earth from orbit, symbolizing perhaps the soaring success we’re experiencing in the crypto sphere.
“Have Spacesuit, Will Travel”, adding an emoji of a rocket ship flying into space to the tweet.
Have Spacesuit, Will Travel 🚀
— Michael Saylor⚡️ (@saylor) November 11, 2024
Just last week, Bitcoin achieved an unprecedented peak at $75,000, and today it’s surged even closer to the $90,000 mark, currently standing at approximately $89,956.
MicroStrategy buys $2.03 billion of Bitcoin
Yesterday, MicroStrategy, led by Saylor, announced in a press release that they had acquired another substantial amount of Bitcoin. They purchased 27,200 Bitcoins at a cost of $2.03 billion. This purchase took place on October 31 and November 10. Additionally, on October 31, Saylor disclosed a strategic plan to invest an astounding $42 billion in Bitcoin over the coming years, aiming to substantially increase MicroStrategy’s existing Bitcoin holdings.
In the past month, MicroStrategy’s Bitcoin success has significantly boosted its stock price. The company’s shares (MSTR) have skyrocketed by over 27%, far surpassing the performance of Bitcoin itself.
Bitcoin has experienced significant growth lately due to shifts in U.S. political leadership and the Federal Reserve’s second interest rate reduction this year. Previously, Jerome Powell announced a decrease of 0.5 percentage points, but this time, the Fed lowered rates by 0.25%. This recent reduction served as a trigger for Bitcoin’s substantial and rapid price surge, with approximately four new record highs achieved within just one week.
As an analyst, I’ve noticed a significant development in the correlation between Bitcoin and the S&P 500 index over the past 60 days, as stated by Mike McGlone, Bloomberg Intelligence’s chief commodity strategist in his recent tweet. Specifically, this correlation has spiked to 0.6, implying that Bitcoin’s recent price surge might be partially driven by the upward trend in the stock market. This is unlike the relationship between gold and the S&P 500 index, which typically remains more stable.
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2024-11-12 12:31