Bitcoin’s Price Hike Brings Microstrategy Closer To Breakeven
- The recent hike in BTC’s price has brought Microstrategy closer to its breakeven point.
- Michael Saylor’s Bitcoin bet worth billions is currently in the red.
- Microstrategy’s financial health was in jeopardy last year following a massive dip in Bitcoin’s price.
The recent hike in Bitcoin’s price has done well to restore the crypto community’s confidence in the flagship cryptocurrency. However, the hike came as good news to one stakeholder in particular, Michael Saylor’s Microstrategy. The IT firm went all in on Bitcoin in August 2020 when Saylor decided to invest in BTC as a hedge against inflation.
Under Michael Saylor, who happens to be a Bitcoin maximalist, Microstrategy has acquired 132,500 BTC with a book value of a whopping $4.03 billion. The average price of the acquisition was $30,397. The Bitcoins were purchased through several debt deals and bond offerings.
According to a recent tweet by DB Newswire, the 44% increase in Bitcoin’s price over the past week has brought Microstrategy’s BTC bet closer to its breakeven price of $30,137. The current value of Michael Saylor’s BTC stash would be more than $3.7 billion. At -7.15%, the cur…
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