Bitcoin Price Prediction: BTC Hits $38,000 Amid MicroStrategy Buy & SEC ETF Buzz
Bitcoin, the trailblazing cryptocurrency, has recently witnessed a surge in its value, trading over $38,000 with a over 0.50% increase on Friday. This spike is partially fueled by MicroStrategy’s strategic move to bolster its Bitcoin reserves, involving a substantial $750 million stock offering and a notable $593 million acquisition of Bitcoin.
In parallel, the crypto sphere is buzzing with activity as Majority Whip Tom Emmer champions cryptocurrency, calling for enhanced stablecoin monitoring while criticizing Central Bank Digital Currencies (CBDCs) as potential tools for surveillance. Adding to this momentum, Blackrock has proposed a “Revised In-Kind Model” for the Spot Bitcoin ETF, a move aimed at addressing the SEC’s concerns and potentially paving the way for its approval.
The SEC’s recent actions have injected a renewed sense of optimism in the market, heightening anticipations for the launch of a Spot Bitcoin ETF.
MicroStrategy, a software analytics firm, has strategically increased its Bitcoin holdings. The company purchased an additional 16,130 bitcoins for $593.3 million, raising its total to 174,530 – a more than 10% increase. Starting in August 2020, under CEO Michael Saylor’s direction, the company began accumulating Bitcoin as its primary reserve asset. As of November 29, their Bitcoin assets were valued at approximately $6.6 billion. This recent acquisition raised their average purchase price to $30,252. Concurrently, MicroStrategy initiated a $750 million Class A common stock offering with Cowen and Company, aiming to further boost their Bitcoin stakes.
