Bitcoin Price Prediction as MicroStrategy Reports Profit Related to Bitcoin Holdings – Will Michael Saylor Buy More Bitcoin?
In this Bitcoin price prediction, we explore the impact of MicroStrategy's recent announcement of profits related to its Bitcoin holdings on its value. We also ponder whether the company's CEO, Michael Saylor, will consider purchasing more Bitcoin in light of these positive financial results.
Stay tuned for insights and analysis on the potential future of Bitcoin's price trajectory.
MicroStrategy, a prominent enterprise-software maker and the largest public holder of Bitcoin, recently reported its first profit in nine quarters, thanks to a tax benefit related to its substantial cryptocurrency holdings.
The company, led by Bitcoin advocate Michael Saylor, posted a net income of $461 million in the first quarter, a significant improvement from the previous year's loss.
A 72% increase in Bitcoin's price during the quarter allowed MicroStrategy to reduce a reserve related to earlier impairment charges, resulting in a one-time tax benefit of $453.2 million.
The software business also experienced a 2.2% increase in revenue, reaching $121 million.
Saylor, who began buying Bitcoin in 2020 to mitigate the threat of inflation on the company's cash holdings, sees the regulatory environment for Bitcoin improving and believes that holding the cryptocurrency will continue to outperform traditional enterprise software business strategies.
Today's live Bitcoin price stands at $28,478, accompanied by a 24-hour trading volume of $16.4 billion. In the past 24 hours, Bitcoin has experienced a 1.85% increase. According to CoinMarketCap, it is currently ranked #1, with a live market capitalization of $551 billion.
There is a circulating supply of 19,362,668 BTC coins, with a maximum supply of 21,000,000 BTC coins. Nonetheless, encouraging news
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