Bitcoin and cryptocurrency prices are on the rise in late Santa Days this week with the price of bitcoin soaring over $50,000 per bitcoin — even as Tesla’s Elon Musk and Twitter founder Jack Dorsey discuss the future of cryptocurrency.
Bitcoin’s price has soared to levels not seen since before its crash in early December, boosting the price of Ethereum. Meanwhile, smaller cryptocurrencies, including Ethereum and its biggest competitor, have surged in recent weeks.
Ahead of the cryptocurrency market rush before Christmas, massive Bitcoin price predictions made by Bitcoin evangelist Michael Saylor, as well as his personal stock of nearly $900 million in Bitcoin, were revealed.
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MicroStrategy CEO Michael Saylor, who has turned his business intelligence firm into a bitcoin takeover over the past 18 months, expects bitcoin to eventually reach $6 million, according to details from a November interview with the technology news site. . the information It was published in the Crypto Global newsletter this week.
The $6 million bitcoin price, which has already surged from around $4,000 in March 2020 to a high of nearly $70,000 last month, will give nearly 19 million bitcoins in circulation a combined value of $126 trillion — an increase of About 12000% at its current close – a market capitalization of $1 trillion making it by far the most valuable commodity in the world.
Saylor also said that he personally owns 17,732 bitcoin, worth about $832 million at current prices, and has never sold any — however, he does not own any other cryptocurrency besides bitcoin even though many have climbed much faster than bitcoin. over the past year.
“I don’t think you should sell your bitcoins,” Saylor said. the information.
Having started acquiring bitcoin in August 2020, MicroStrategy has now bought just over 122,000 bitcoins which are now worth nearly $6 billion and are increasingly operating as two separate businesses.
“Right now, the strategy is that we run the software business as well as we can,” Saylor said. “On the other hand, we get and own bitcoin.”
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MicroStrategy’s first $250 million bitcoin purchase is worth about $1 billion and has made a series of massive bitcoin purchases since then, funded by the company’s debt. The last bitcoin was bought for $82 million earlier this month.
The company’s stock price has increased since August 2020, adding 300%, but has oscillated significantly in tandem with the highly volatile bitcoin price.
Notorious for losing $6 billion in a single day during the height of the internet bubble, Saylor has become known for his weird and fancy bitcoin quotes.
Saylor tweeted in September 2020: “Bitcoin is a swarm of cyber wasps serving the Goddess of Wisdom, feeding on the fire of truth, and growing exponentially smarter, faster and stronger behind a wall of cryptographic energy.”
Bitcoin’s massive rally over the past year or so has helped take it more seriously on Wall Street and by established tech giants. Bitcoin swept Wall Street this year, as several major banks began offering crypto services and accumulating in crypto markets.
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