MicroStrategy Backs USD With Thousands of BTC: Could Bitcoin Hit $30K?

MicroStrategy’s Bitcoin Purchase

• On Wednesday, April 5, MicroStrategy purchased an additional 1,045 BTC taking its total holdings to over 140,000 BTC.
• Michael Saylor said that the USD will continue to be the world’s reserve currency but Bitcoin would be an underlying asset to it.
• With this purchase, MicroStrategy is very close to breaking even on its average price of Bitcoins held i.e. $29,803 per coin.

Michael Saylor’s Take on Bitcoin

Michael Saylor has been a strong advocate for Bitcoin since he started accumulating in 2020 and continues to back it despite several periods of market volatility. In one of his recent interviews he said that more and more nation-states will continue to embrace Bitcoins and that top regulators have willingly identified Bitcoin as a digital asset. He also believes that BTC could potentially surge up to $30,000 by the end of the week if all things go according to plan.

Current Market Status

After a strong 70 percent rally in the first quarter of 2023, the world’s largest cryptocurrency Bitcoin (BTC) is currently consolidating at around the $28,000 level. However this consolidation may not last long as with MicroStrategy’s latest purchase there is potential for BTC prices to reach new highs in the next few weeks or months.

Impact on Crypto Markets

The news of MicroStrategy’s latest purchase has had positive impacts on crypto markets with investors growing increasingly bullish about potential future gains from their investments in cryptocurrencies such as Bitcoin (BTC). Furthermore with increasing confidence among investors due to this news and other factors like institutional support for cryptocurrencies, analysts are predicting that we could see further adoption of these digital assets in years ahead which could lead to higher prices overall for cryptos such as BTC & ETH etc.

Conclusion

It appears that with MicroStrategy’s continued accumulation of thousands more bitcoins over the past few months combined with Michael Saylor’s faith in cryptocurrency markets could lead us into a new era where we see increased demand for digital assets such as bitcoin leading up to new highs during this year or beyond.