{"id":456255,"date":"2023-11-10T15:45:32","date_gmt":"2023-11-10T15:45:32","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=456255"},"modified":"2023-11-10T15:45:32","modified_gmt":"2023-11-10T15:45:32","slug":"microstrategy-wins-big","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/microstrategy-wins-big","title":{"rendered":"MicroStrategy Wins Big with Billion-Dollar Bitcoin Bets"},"content":{"rendered":"
In 2023, MicroStrategy, steered by its bitcoin-supporting founder and executive chairman Michael Saylor, has seen its stock skyrocket by an impressive 246%. The firm’s shares experienced a notable increase on Thursday, surging 6% to approximately $492 per share. This surge can be attributed to MicroStrategy’s strategic investment in bitcoin, the world’s foremost cryptocurrency<\/a>, which also reached a new annual high on Friday, surpassing $37,900. The company’s substantial bitcoin holdings<\/a>, amounting to billions of dollars, have contributed significantly to this year-to-date increase of 122% in the cryptocurrency’s value.<\/p>\n Michael Saylor has expressed his belief that the unique economic environment, marked by government-induced inflation and technology-driven deflation, makes it challenging for companies outside the elite group of the ‘Magnificent Seven’ to achieve significant, sustained growth. He discussed in a Fox Business interview how mainstream companies are metaphorically battling with one hand tied behind their backs, emphasizing the need for such companies to expand their revenues and cash flows at a minimum of 20% annually to keep pace with dominant firms like Apple, Microsoft, and others in the ‘Magnificent Seven.’<\/p>\n There’s seven companies that generate all the shareholder returns. There’s 7,000 companies that can’t keep up. What we did in August of 2020 was recognize that there’s no way we’re going to outgrow Google and Microsoft and Apple Computer as a mid-sized software company.<\/p><\/blockquote>\n Saylor’s strategy for MicroStrategy involved seeking a “high-growth digital monopoly” for investment, leading to the selection of bitcoin as the most promising asset. He highlighted bitcoin’s rapid growth<\/a> rate of 40-50% per year, explaining how investing in it has enabled MicroStrategy to use its balance sheet for corporate expansion. Saylor’s vision extends beyond the current year, as he anticipates further growth for bitcoin, especially with the potential approval of bitcoin spot ETF products by regulatory bodies. Bloomberg Intelligence strategists predict a high likelihood of this approval by January 2024.<\/p>\n #Bitcoin<\/a> is Coming. pic.twitter.com\/5oE42SQvgC<\/a><\/p>\n — Michael Saylor⚡️ (@saylor) November 9, 2023<\/a><\/p><\/blockquote>\n\n