MicroStrategy's Bold Bitcoin Purchase Praised by Industry Experts
Erik Voorhees, the founder of Spaceshift and Venice AI, recently commented on MicroStrategy's latest massive Bitcoin acquisition. The company's executive chairman, Michael Saylor, announced the purchase of 18,000 BTC, totaling $1.1 billion. This move adds to the company's already substantial Bitcoin holdings, now totaling 244,800 BTC valued at over $14.6 billion.
Voorhees applauded MicroStrategy's bold move, emphasizing the increasing value of Bitcoin amidst a depreciating U.S. dollar. He pointed out the government's excessive money printing and growing national debt as factors contributing to the dollar's decline. Max Keiser, a prominent Bitcoin advocate, also praised Saylor and MicroStrategy for their commitment to Bitcoin.
During an interview on CNBC's Squawk Box, Saylor discussed the company's Bitcoin strategy, which has proven successful over the years. He expressed bullish expectations for Bitcoin, predicting a potential price of $10 million per coin in the future. Interestingly, a similar forecast was made by Hal Finney in 2009, a cypherpunk legend and early Bitcoin adopter.
In conclusion, MicroStrategy's significant Bitcoin purchase and the positive outlook from industry experts highlight the growing importance of Bitcoin as a store of value. As traditional currencies face challenges, Bitcoin continues to gain traction as a viable investment option for the future. Investors should consider the potential long-term benefits of including Bitcoin in their portfolios.