Reshab AgarwalMicrostrategy is one of the biggest companies participating in Bitcoin investment. They have over 91000 coins and are in the game at the price of $25k. The increase in the value of Bitcoin and its performance has led to a 52% increase in its revenue. Investing in Bitcoin has also created their image as a very tech-savvy and technology-focused company. After the revenue announcement, Michale Saylor has also announced future investment plans in Bitcoin.
What makes BTC investment so special?
According to Michael Saylor, CEO of Microstrategy, Bitcoin has a very bullish future ahead. This is why no matter how negative the market gets sometimes or how high the price is, he doesn’t think twice before buying more. Microstrategy has already doubled their investment and continue to make phenomenal gains even now. They have also gotten very popular due to repeated headlines they make off their investments. Even I got to know about the company when they invested in Bitcoin and received a lot of media coverage.
The investment also had a significant impact on their shareholder value, and they actually benefitted a lot from it. Barring the gains they made of direct BTC investment, then revenue from their product licenses and subscription services increased by 52.3% as compared to the first quarter of 2020. They are really happy about the investment and how the company is performing. And it is also pretty sure that very soon they will acquire more coins, as said by Michal Saylor.
As the market is recovering, we could expect the price of Bitcoin to increase to $70k before consolidating at the end of the month. But there is a strong resistance at $60k, which the currency has to beat to get there.
Is dominating BTC dominance worrisome?
To an extent, yes, but not much. We must understand that it was bound to happen someday. As more coins are released in the market and people invest in them, the market will get segmented. After the recent price dip, the market dominance of BTC went below 50% for the first time. And it also marked the beginning of an alt season. Therefore, it is also important that if someone is planning to invest in BTC, they should also have a few alts to make even more gains.
A dropping dominance also suggests that people are more willing to invest in new coins because the trust factor in crypto is increasing. A few months back, one would not have invested in anything other than BTC with much zeal, but now they will. Overall, it doesn’t matter if you are BTC or an alt person or maybe both; the bull market is going to carry every good coin to new highs.
What do you think about the recent revenue increase of Microstrategy? And could they buy more BTC anytime soon? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: Crypto is still in its early stages, says T. Rowe Price’s head.