For the past 40 days, Ether (ETH) has trended modestly upward, respecting a narrow channel most of the time. It enjoyed a brief rally toward $4,000 in the first week of September, but a subsequent crash brought the price into the ascending channel. In August, nonfungible tokens posted record-breaking transactions,...
MicroStrategy, which began making heavy Bitcoin purchases, now has a BTC balance larger than many S&P 500 firms’ cash reserves. MicroStrategy Inc (NASDAQ: MSTR) currently has Bitcoin holdings worth more than 80% of S&P 500 companies’ cash treasuries. The company’s total Bitcoin portfolio now stands at 114,042 BTC, worth $5.3 billion, after its recent purchase of 5,050 BTC for nearly $250 million. This gives the Nasdaq-listed company a bigger BTC value than the cash coffers of 80% of non-financial S&P 500 organizations.
The value of MicroStrategy’s massive Bitcoin (BTC) holdings has surpassed what most S&P 500 companies hold in their cash treasuries. The Nasdaq-listed enterprise software firm purchased an additional 5,050 Bitcoin for about $242.9 million, raising the value of its 114,042 BTC holdings to nearly $5.3 billion. That comes out to be higher than what 80% of non-financial S&P 500 companies hold in their cash coffers, as per data compiled by Bloomberg.
Cathie Wood, the CEO of Ark Invest, expects Bitcoin to climb to $500,000 in the next five years. The avid Bitcoin advocate voiced her bullish prediction during an interview with CNBC anchor Andrew Ross Sorkin at the SALT Conference in New York City on Monday. In response to a question about where she sees Bitcoin in the next five years, Wood said:
Ark Invest CEO Cathie Wood has always been bullish on Bitcoin. The CEO has previously stated that she expected the price of the digital asset to 10X from 2021 prices. Putting it at least at $500K in the next five years. Wood has made the prediction earlier in the year. And has now reiterated this prediction two different times. Wood believes that the digital asset remains in a “capitulation phase,” making it a great time to buy the asset.