Changpeng Zhao supports MicroStrategy’s Bitcoin approach, Michael Saylor reveals a 214% BTC surge, and BlackRock eyes crypto ETFs amid market dynamics.
- MicroStrategy founder Michael Saylor reports a remarkable 214% surge in Bitcoin’s value since August 2020, contrasting with a 3% loss in gold during the same period.
- With an unwavering Bitcoin accumulation strategy over three years, MicroStrategy has purchased 155 BTC for $5.3 million in October, amassing a staggering 158,400 BTC with reported unrealized profits exceeding $1.1 billion.
- Amid Bitcoin’s market trends, major financial players like BlackRock, Ark Investment, Fidelity, Grayscale, and VanEck file for Bitcoin ETFs, anticipating SEC approval. BlackRock also steps into Ethereum ETF territory, debunking rumors about an XRP-based ETF.
Changpeng Zhao (CZ), co-founder, and CEO of Binance, recently expressed support for Michael Saylor’s Bitcoin strategy through a post on the platform X. Saylor, the founder of MicroStrategy, had shared insights on Bitcoin’s performance, highlighting a substantial 214% increase since August 2020.
In contrast to Bitcoin’s positive trajectory, Saylor pointed out that gold experienced a 3% loss in value during the same period. Notably, Saylor’s observations counter arguments from Bitcoin skeptics, including figures such as Jamie Dimon, who argue that Bitcoin’s volatility hampers its potential as a reliable store of value.
MicroStrategy’s Bitcoin Accumulation and Profits
MicroStrategy, the business intelligence giant, has been executing a consistent Bitcoin accumulation strategy for the past three years. This approach involves continuous accumulation, with a recent purchase of 155 BTC for a substantial $5.3 million in October.
The company’s commitment to Bitcoin is evident in its impressive holdings, currently totaling 158,400 BTC, valued at an astonishing $5,760,295,200. MicroStrategy’s reported unrealized profit on its Bitcoin holdings has surpassed $1.1 billion, underlining the success of its strategic investment in the cryptocurrency.
Market Trends, SEC Approval, and BlackRock’s Role
Bitcoin’s recent market trends have been marked by fluctuations, ranging from $34,600 to a peak of $37,890 on Nov. 9. The cryptocurrency community is closely monitoring these trends, anticipating a potential surge tied to expectations of SEC approval for Bitcoin spot ETFs by Nov. 17.
Several major companies, including BlackRock, Ark Investment, Fidelity, Grayscale, and VanEck, have filed for Bitcoin ETFs, reflecting a growing institutional interest in cryptocurrency. Experts suggest that if the SEC approves a Bitcoin spot ETF, it could lead to a substantial influx of liquidity into Bitcoin.
BlackRock, a significant player in the financial industry, has shown interest in Bitcoin ETFs, filing for approval and taking steps toward launching an Ethereum ETF. It is important to note that recent rumors about BlackRock filing for an XRP-based ETF have been debunked, addressing any potential misinformation in the market.
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