MicroStrategy Shares Soar as Bitcoin Reaches Highest Level Since July 2019
The shares of business intelligence firm MicroStrategy have spiked nearly eight percent during trading hours.
The company's stock is now up 47.54 percent since it went all in on Bitcoin three months ago.
No need for a Bitcoin ETF
Blockstream CEO Adam Back suggests that investors do not even need an exchange-traded fund (ETF) for Bitcoin anymore, given that they can get direct exposure to the leading cryptocurrency via MicroStrategy.
The Nasdaq-listed company boldly moved into crypto by adopting Bitcoin as its primary reserve asset in August. It now holds 38,250 BTC purchased at an average cost of $11,111, which constitutes 90 percent of its balance sheet.
In an interview, MicroStrategy's Michael Saylor said that he was looking for an asset that he could hold for at least a century.
Payment giant Square soon followed suit with its own $50 mln investment.
Alex DovbnyaMicroStrategy's timely Bitcoin bet
Saylor's Bitcoin bet is fairing very well thus far. He is currently up nearly 14 percent as Bitcoin is trading at $12,660. In the meantime, the dollar index (DXY) is down 1.21 percent since MicroStrategy disposed of its "melting ice cube" of cash.
As reported by U.Today, Bitcoin rocketed to a new 2020 high earlier today on the news that PayPal will soon start supporting the former.
Bitcoin surged to $12,865 earlier today, its highest level since July 2019, before paring some of its gains.
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