Saylor tweeted: “The best strategy is a #Bitcoin Strategy.” According to the diagram, since Aug. 10, 2020 – the day when MicroStrategy made its first BTC purchase – Bitcoin has surged by 442%, massively exceeding other leading market indices. These include the S&P 500 with its 64% surge, the Nasdaq 100, which rose by 60%, as well as gold, silver and bonds that have grown by 19% and fallen by 1% and 18%, respectively.
As for the stock’s price performance, the MicroStrategy share price skyrocketed by 1,206%, leaving other tech giants far behind – Nvidia (NASDAQ:NVDA) (+948%), Tesla (NASDAQ:TSLA) (+145%), Google (NASDAQ:GOOGL) (+131%), Microsoft (+101%), Meta (NASDAQ:META), Netflix (NASDAQ:NFLX) and Amazon.
This whopping performance superiority demonstrated by MicroStrategy is due to the company’s regular Bitcoin purchase, which the company holds tightly on its balance sheet. Besides, a few times over the past couple of years, MicroStrategy bought Bitcoin with the help of funds raised from investors in the form of convertible senior notes sold to them. This has been done twice this year already.
Besides, Saylor has been promoting Bitcoin frequently since August 2020 by posting about it on his personal page on the X social media network. At least over the past year, he has been posting AI-generated pictures related to Bitcoin with a short motivational slogan almost every day.
However, that rise was followed by a pullback that took Bitcoin down by nearly 2%, pushing it back close to $64,000. As of this writing, Bitcoin is changing hands at $64,280.
The Bitcoin rise and the fall that followed coincided with the Federal Reserve’s decision to hold interest rates steady, while earlier this year, Fed chairman Jerome Powell stated several times that the Fed is likely to start cutting rates.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
