Michael Saylor, CEO of MicroStrategy Inc. MSTR, posted a message on X, formerly Twitter, on Wednesday, encouraging Bitcoin BTC/USD holders to “Stay Humble. Stack Sats.”
What Happened: In the brief tweet, Saylor seemed to advocate for the accumulation of Bitcoin, often referred to as “sats” in the crypto community. He also added a rocket emoji to reflect the recent stratospheric rise in the apex cryptocurrency’s price.
Bitcoin, the world’s largest cryptocurrency by market capitalization, traded between $56,738.42 and $63,913.13 on an intraday basis.
At the time of writing, Bitcoin was seen 7.4% higher at $61,258.56. the market capitalization for the Satoshi Nakamoto-created coin is now over $1.2 trillion. Meanwhile, the entire cryptocurrency market is now worth over $2.15 trillion.
Saylor’s MicroStrategy is the largest corporate Bitcoin holder. It has 174,530 BTC in its pile, which are valued at $10.71 billion at current prices, according to CoinGecko data.
Why It Matters: Benchmark’s recent $990 price target for MicroStrategy factored in the anticipation of Bitcoin surging to $125,000. Palmer clarified that their assessment of MicroStrategy’s price was predicated on the belief that Bitcoin would hit $125,000 by the conclusion of 2025. This projected uptick in Bitcoin’s value would be fueled by heightened demand stemming from the SEC’s endorsement of spot Bitcoin ETFs in the US and the fourth Bitcoin halving, slated for late April.
MicroStrategy amassed around 3,000 Bitcoin tokens for $155.4 million in February, part of their ongoing purchases since 2020 to hedge against inflation and as an alternative to holding cash.
The recent surge of Bitcoin above $60,000, as noted by Benzinga, coupled with positive future predictions, could be the context behind Saylor’s tweet, hinting at the potential for greater returns for those who “stack sats.”
MicroStrategy, led by Saylor, has been accumulating Bitcoin since 2020. This strategy has yielded nearly $5 billion in unrealized gains for the company.
Image by wastedgeneration from Pixabay
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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