According to CryptoPotato, MicroStrategy, led by Michael Saylor, has experienced over $1 billion in unrealized Bitcoin profits, bouncing back from a $1 billion loss in 2022 due to Bitcoin's price rally. The company made large-scale Bitcoin purchases, even after facing significant unrealized losses in the crypto downturn of June 2022. Saylor predicts a substantial rise in Bitcoin value by 2024, influenced by the Bitcoin halving and potential approval of a spot Bitcoin ETF, aiming to stabilize and attract institutional investors.
MicroStrategy's founder and executive chairman, Michael Saylor, has guided the company into having over $1 billion in unrealized profits from its venture into Bitcoin. Bitcoin's price rally in recent months has offset the software company's $1B loss in 2022, with year-to-date gains of over 100%. Now that BTC has reached the $37,000 mark last week —a level not seen since May 2022— MicroStrategy's Bitcoin position has turned into a jaw-dropping $1,127,036,804.48 profit, as per data from saylortracker.com.
Both triumphs and challenges have marked MicroStrategy's foray into Bitcoin. The company faced unrealized losses exceeding $1 billion during the crypto rout in June 2022. The company didn't take a cautious stance —it purchased in bulk several times, with amounts nearing $150M, $347M, and $147M worth of BTC. Saylor's conviction has been admired by the crypto community, as he has been a crypto advocate for years, reaching lengths to say that there's only one crypto asset, and that's Bitcoin. Saylor believes Bitcoin could see a 10x increase by 2024, with potential catalysts for BTC's next bull run including the upcoming Bitcoin halving in 2024 and the possible approval of a spot Bitcoin ETF. Saylor suggested that a Bitcoin spot ETF could attract institutional investors, stabilizing Bitcoin and the entire crypto industry. He also commented on the need for a shift towards "adult supervision" in the industry, referencing the recent legal troubles of Sam Bankman-Fried and emphasizing the importance of rationalizing away from the multitude of crypto tokens in favor of Bitcoin.
