Microstrategy stock pumping ahead of Bitcoin fork event
Bitcoin bullish firm Microstrategy grabbed huge attention in the crypto sector & non-crypto sector, as the Bitcoin network moved 9 months close ahead of the Bitcoin halving event.
Bitcoin halving is a cryptographic event in Bitcoin’s blockchain network. After the next Bitcoin halving, the Bitcoin reward for the Bitcoin miners, or say network supporters, will be reduced by half. In the present time miners are getting 6.25 Bitcoin for solving one Bitcoin block but after the next halving miners will get 3.12 Bitcoin for solving per block, which is expected to occur in the last week of April 2024.
In the present time, a research note is circulating among the Bitcoin & stock investors. That research is done by Berenberg Capital Markets. The research note noted that the Bitcoin network is moving toward a Bitcoin halving event next year and this will surely bring a better boost to the Bitcoin trade price.
Analysts said that the surge in the Bitcoin price will also bring a rally for publicly trading business intelligence firm Microstrategy (MSTR).
Because of the research note, the trade price of MSTR surged by 7% on 11 July 2023. Today the current trade price of MSTR is $420 & this trade price is 11.62% high over the last 5 days of trade price.
Microstrategy & Bitcoin
In August 2020, Microstrategy started buying Bitcoin under the leadership of Michael Saylor. In August 2022, Saylor stepped down from the CEO position, to give more time for the company’s Bitcoin focussed plans.
To date, the company is holding nearly 140,000 Bitcoins at an average price of $28,500, which means the company is in profit.
The current trade price of Bitcoin is $30,607 & this trade price is 0.61% high over the last 24 hours trade price.
Read also: Tether CTO explains why USDT traded below pegged price at BinanceUS
