The premier cryptocurrency climbed to nearly $38,000 on Thursday, marking its highest point since May 2022. At the time, the crypto market witnessed a significant downturn, hitting a low of approximately $16,500 due to the collapse of Terra’s algorithmic UST stablecoin and the subsequent fallout that affected various crypto firms, including FTX and Celsius.
However, Bitcoin has made a remarkable recovery this year, posting a year-to-date gain of over 100%, largely fueled by growing optimism surrounding the potential approval of a spot BTC exchange-traded fund (ETF).
Per MicroStrategy’s third-quarter earnings report, the enterprise software company, BTC’s largest public holder, has purchased a total of 158,400 BTC for $4.68 billion as of Sept. 30. The firm further disclosed an average purchase price of $29,586 per coin.
With Bitcoin currently trading at $36,428, the Michael Saylor-led company is enjoying an impressive 23% gain on each of its BTC.
Michael Saylor, MicroStrategy’s executive chair, is a prominent advocate for Bitcoin and has consistently maintained that the top cryptocurrency is a revolutionary monetary network. According to him, Bitcoin’s scarcity and decentralization positions it as a superior long-term investment and a hedge against inflation.
Saylor recently said:
“Bitcoin offers corporations an innovative strategy to preserve their capital and create shareholder value by leveraging their balance sheets with $BTC, providing an escape from the destructive cycle of expensive acquisitions, buybacks, dividends, & debt.”