- Compared to BTC’s 147% rise from August 2020, the Nasdaq Composite’s 18% is second.
- Saylor reached his conclusion based on the prospects of competing alternatives.
MicroStrategy has placed a large wager on Bitcoin, and the company’s founder and chairman, Michael Saylor, is not shy about praising the move. Saylor, using his twitter account, posted a comparison graphic highlighting the advantages of using Bitcoin as the X treasury reserve asset (TRA) compared to other major financial assets.
Bitcoin’s price has increased by 147% throughout that period. BTC obliterated the S&P 500, an index that measures the performance of 500 equities traded on U.S. markets, by a wide margin.
#Bitcoin is Stronger. pic.twitter.com/Pn5sphx6Mj
— Michael Saylor⚡️ (@saylor) October 20, 2023
Banking on Digital Gold
The S&P 500 has gained 26% from August until now. Compared to Bitcoin’s 147% rise from August 2020, the Nasdaq Composite’s 18% growth is second best. One of the reasons MicroStrategy is so bullish on Bitcoin is because it has been called “digital gold” and is frequently cited as a way to protect one’s wealth against inflation.
Gold bullion prices have fallen by 3%, silver by 19%, and bonds by 24% in comparison to Bitcoin’s performance. Saylor reached his conclusion based on the prospects of competing alternatives and said, “Bitcoin is stronger.”
When it comes to Wall Street firms, MicroStrategy has been the most persistent Bitcoin bull. The corporation has been consistently adding to its Bitcoin holdings since August 2020, and most recently acquired 5,445 BTC.
The corporation has now bought a total of 158,245 BTC for a total cost of around $4.68 billion, with the most recent purchase costing $147.3 million.
Highlighted Crypto News Today:
FinCEN Issues Alert on Hamas’ Crypto Fundraising for Terrorism
