Michael Saylor’s Massive Bitcoin Bet Crosses $1B in Unrealized Profit
Saylor’s business software company, MicroStrategy, held more than 158,000 bitcoins as of Friday.
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Saylor’s business software company, MicroStrategy, held more than 158,000 bitcoins as of Friday.
The MicroStrategy executive chairman appeared on CNBC on day after the company reported its Q3 earnings.
The world’s largest crypto remains higher over the past 24 hours, but has slumped nearly 4% from its overnight high.
The titans of finance are increasingly driving a space that, to many, was designed to put them out of business.
The Fed is widely expected to hold rates steady next week, but traders will be watching for signals about future policy moves.
Massive inflation and sliding purchasing power of national fiat currencies has likely boosted demand for bitcoin.
BTC’s price hasn’t seen these lofty levels since May 2022, when the cryptocurrency industry was just starting to get pummeled by scandals.
Michael Saylor’s software company has invested billions of dollars into the world’s largest token by market capitalization. And the bet is slowly paying off.
Bitcoin forks led gains in the past 24 hours, outpacing major tokens.
Traders could be betting on a development that buoys hopes for a spot bitcoin ETF in the US.