Three years into the bold ‘Bitcoin Initiative’ by MicroStrategy co-founder Michael Saylor, which has seen his company steadily purchasing Bitcoin (BTC) and currently ‘hodling’ close to 160,000 units, it looks like betting on Ethereum (ETH) instead would have been more profitable.
In fact, if MicroStrategy had bought Ethereum instead of Bitcoin, the company would have been $2.5 billion in profit instead of around $400 million in a loss at press time, according to the analysis by Bitcoin Rainbow Chart creator Holger Rohm, a.k.a. rohmeo.eth shared on October 9.
On top of that, the cryptocurrency analyst pointed out that the company would have held 11% of staked Ethereum (if staked) and would have earned “way more from staking than their core business does,” according to the data retrieved from BlockchainCenter.net.
Indeed, as Finbold reported in late September, MicroStrategy was, at the time, recording $500 million in unrealized losses as Bitcoin was trading around $26,200 – notably lower than MicroStrategy’s average buy price.
Bitcoin price analysis
At press time, the flagship decentralized finance (DeFi) asset was changing hands at the price of $27,515, recording a decrease of 1.21% in the last 24 hours, as well as declining 2.84% across the previous seven days while still gaining 6.44% on its monthly chart.
Ethereum price analysis
Meanwhile, the price of Ethereum at the time of publication stood at $1,593.93, which represents a loss of 1.63% on the day, a drop of 7.97% in the past week, as well as losing 2.43% to its value in the previous month, as per the most recent data retrieved on October 9.
All things considered, Saylor’s Bitcoin bet might yet pay off, and massively. As it happens, many crypto analysts and investors believe that the maiden digital asset might still have a major bull run in its future, especially as it approaches its halving event, and could possibly even reach the price of $1 million.
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