Bitcoin price surges as Strategy unveils $1.4bn investment. Analysts expect record price within months

written by TheFeedWired

Strategy has secured another $1.4 billion in Bitcoin. Bitcoin surged on the news of the firm’s purchase. Analysts now expect the cryptocurrency’s price to reach new records before July.

Strategy has topped up its Bitcoin holdings to the tune of over $1.4 billion, pushing the value of its Bitcoin stockpile to $52.3 billion in today’s prices. The firm’s purchase of another 15,355 Bitcoin brings the company closer to Chair Michael Saylor’s goal of transforming the tech venture into a Bitcoin bank. “The end game is to be the leading Bitcoin bank or merchant bank, or you could call it a Bitcoin finance company,” Saylor said during an event last year.

Bitcoin was up by 0.7% over the past day, trading at $94,000 at press time, but market watchers are exceedingly bullish that the leading cryptocurrency will hit new heights before July, fuelled by big buyers tapping into the asset, and a rotation from gold to Bitcoin. “I look for a fresh all-time high of $120,000 in the second quarter,” Geoff Kendrick, the head of digital assets research at UK bank Standard Chartered, wrote in a Monday note. “Then, onto my $200,000 end-of-year forecast.” Last week, big buyers buttressed Kendrick’s thesis with huge inflows to Bitcoin-associated exchange-traded funds, contributing to the cryptocurrency’s move from Monday lows around $84,000 to over $95,000 by Friday.

Strategy’s treasury of Bitcoin is eclipsed only by ETFs such as BlackRock’s iShares Bitcoin Trust, which held 588,686 Bitcoin worth about $55 billion as of Monday. Some analysts predict Strategy’s stock, currently trading at $364, will hit $600 by the end of this year. That would make the firm more valuable than many notable financial institutions such as Charles Schwab and Citigroup.

Andrew Flanagan is a markets correspondent with DL News. Have a tip? Reach out to aflanagan@dlnews.com.

posterbot

Recent Updates

Recent Updates

Contact

Address: CY
Email: support@thefeedwire.com

Recent News