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The price of Bitcoin soared by more than 2% this Monday, December 2, at the opening of Wall Street, driven by the announcement of a new major investment from MicroStrategy. The company confirmed that it had purchased $1.5 billion worth of BTC during the past week, rekindling hopes to see the cryptocurrency cross the symbolic threshold of $100,000 soon.
MicroStrategy continues its aggressive Bitcoin accumulation strategy
MicroStrategy, under the leadership of Michael Saylor, revealed this Monday in a document filed with the SEC that it has invested nearly an additional $1.5 billion in Bitcoin during the last week of November.
This new acquisition further strengthens the company’s position as the largest institutional holder of publicly traded Bitcoin. According to CryptoQuant data, the company has now invested a total of $13.5 billion to acquire 149,900 BTC, a position whose value has jumped by $21.5 billion in just the last month.
This accumulation strategy continues to reflect Michael Saylor’s unwavering conviction in the potential of Bitcoin. The markets, traditionally slow to react to MicroStrategy’s purchases, this time responded positively with a marked increase in price, suggesting a possible change in market dynamics.
The impact of these massive acquisitions could prove even more significant in the coming weeks, as pointed out by Ki Young Ju, CEO of CryptoQuant: “The Bitcoin market cannot absorb tens of billions of dollars in the short term without a strong price appreciation.“
A strategic timing before a possible adoption by Microsoft
The announcement comes at a crucial moment, as Michael Saylor is set to present a proposal to the board of Microsoft on December 10, aiming to integrate Bitcoin into the technology giant’s balance sheet.
This initiative could significantly catalyze the market, especially since Microsoft’s major shareholders – Vanguard, BlackRock, and Fidelity – already have exposure to the crypto sector through various holdings.
Technically, Bitcoin is currently consolidating around $96,000, after testing the support at $95,000. The RSI indicator suggests that this consolidation phase could serve as a springboard to new highs, with analysts now firmly pointing towards the $100,000 target.
The moment seems particularly ripe for a new phase of Bitcoin expansion, fueled by the growing interest from institutions and the prospect of even wider adoption by S&P 500 companies. The question is no longer whether Bitcoin will reach $100,000, but when this historic threshold will be crossed.
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Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
