Bitcoin
MicroStrategy ‘building the largest bitcoin company in the world,’ says Bernstein
MicroStrategy could trade another 80% from here thanks to its aggressive bitcoin purchasing strategy, according to Bernstein. The Wall Street firm initiated research coverage of MicroStrategy on Thursday before the market opened with an outperform rating and a $2,890 price target. That implies an appreciation of another 80% based on the stock’s Wednesday close of $1,603.67. At the start of Friday’s trading session, MicroStrategy was already up 138% year to date, more than double Bitcoin’s advance of around 57% in the same period. “Since August 2020, MSTR has grown from a small software company to the largest bitcoin holding company, owning 1.1% of the world’s Bitcoin supply worth approximately $14.5 billion,” said Gautam Chhugani, analyst at Bernstein, in a note. “MSTR’s founding chairman, Michael Saylor, has become synonymous with the bitcoin brand and has positioned MSTR as a leading bitcoin company by attracting large-scale capital (both debt and equity) for an active bitcoin acquisition strategy.” MicroStrategy, which launched as an enterprise software provider, began employing an aggressive bitcoin purchasing strategy in 2020 and has been trading primarily as a proxy for the cryptocurrency’s price since then. In February this year, the company said it would shift its focus and brand to bitcoin development. “MSTR positions itself as an ‘actively leveraged’ bitcoin strategy versus passive spot ETFs,” Chhugani said. “Over the past four years, MSTR’s active strategy has delivered higher bitcoin per share. … In dollars, MSTR’s Bitcoin $NAV per share has grown ~4x, outperforming the ~2.4x growth in spot price of bitcoin.” He noted that bitcoin per share has grown 67%, from 6 BTC per diluted share in Q4 2020 to around 10 BTC per MicroStrategy per share today. As part of the call, Bernstein raised his bitcoin price target to a “cycle high” of $200,000 in 2025 from a previous target of $150,000. – CNBC’s Michael Bloom contributed reporting. Correction: This article has been updated to reflect that Bernstein’s price target of $2,890, showing upside of about 80%, was based on MicroStrategy’s Wednesday closing price of $1,603.67. A previous version provided an incorrect day’s closing price.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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