Apparently, the act of hoarding Bitcoin is a practice MicroStrategy has made its own. The company just bought 253 Bitcoins, which are currently worth around $ 15 million. This means that the company currently owns 91.579 BTC!
At this point, some think that unlike institutions that are more strategic in their Bitcoin accumulation habits, the company's CEO simply buys Bitcoin for the fun of it.
This may turn out to be fair, but it is also crucial to note that no matter which company buys Bitcoin during a bear or bull market, the gains far outweighed the losses. As of March 16, MicroStrategy's stock has risen significantly. Today they are worth $ 724, about $ 107 more than last year.
A mission to save budgets using Bitcoin
For most Bitcoin maximalists, this is the highest form of devotion, support, and proof of belief on the part of a supporter. It seems evident that there is some truth to this claim, as Michael Saylor revealed that his mission (why he buys Bitcoin) is to "fix the world's budgets".
Clearly, Michael Saylor has already begun this practically self-assigned task. Last week he agreed to stand up for Bitcoin in a debate with gold backer Frank Giustra.
Retail traders continue to fall prey to institutional buyers
With companies like MicroStrategy buying Bitcoin nonstop, discussions about a Bitcoin supply crisis have intensified. As the miners stopped selling and the whales followed in the miners' footsteps, dealers are likely the main selling engines right now.
Analysts reacted differently to retailers' activities. Some have labeled them as the weakest link in the Bitcoin market, as massive sales could potentially bring prices down. Others have called it a blessing in disguise, insisting that retail traders are a good catch for investors who intend to keep buying until there is a shortage of supply. The expectation is that the weak hands will be eliminated in the near term, causing a significant drop in bearish loopholes.
The bull market is very promising
According to previous reports, Bitcoin has had its best first quarter this year, since 2013. The second quarter should take the bull market to new price levels. In the short term, analysts are fixing their gaze on quotation of $ 70.000, a price that Bitcoin could reach in no time.
The data supporting these claims is mostly fundamental, as analysts reiterated that technical indicators are not entirely reliable. The highly anticipated $ 100.000 price that Bitcoin is expected to reach before the end of this year could be surpassed if short-term predictions become reality in April.