Bitcoin continues to rise thanks to fresh purchases by MicroStrategy and political support from Donald Trump after his recent election victory.
MicroStrategy’s Recent Bitcoin Buying Spree
MicroStrategy recently fortified its commitment to Bitcoin by purchasing 27,200 more BTC tokens worth $2.03 billion. This boosts the company's total holdings to 279,420 Bitcoin tokens. The purchase follows a decline in company revenue, yet MicroStrategy plans to raise $42 billion in capital over the next few years.
How Trump’s Presidency Proves to be a Catalyst for Bitcoin Growth
Donald Trump's re-election has sparked a frenzy in global markets, including cryptocurrencies. Bitcoin reached a new all-time high of $82,371.88, fueled by expectations of inflationary policies from the new US administration. This scenario may strengthen Bitcoin’s reputation as a hedge against inflation.
Will Institutions Follow MicroStrategy’s Suit?
As the largest corporate holder of Bitcoin, MicroStrategy sets the tone for other organizations. Their aggressive purchasing could encourage other corporations to similarly view Bitcoin as a hedge against inflation and currency devaluation.
Bitcoin is in the spotlight with political and corporate backing. The anticipated milestone of $100,000 by year-end draws investor attention, but volatility remains a key factor to consider.
