Skip to main content

MicroStrategy’s Bitcoin Bet Reaches Front Page of the Wall Street Journal

One of the biggest Bitcoin stories of the year was the news that MicroStrategy, a business services company, had deployed $425 million into BTC. The move garnered much attention within the cryptocurrency space, with many seeing this as validation of Bitcoin’s store of value properties.

But outside of crypto, few knew about this purchase. The move was widely covered by industry media like NewsBTC, but coverage about this move by mainstream media was somewhat scarce. At least until recently.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Hits Front Page of the WSJ

On Friday morning, the Wall Street Journal published an article covering MicroStrategy’s half-a-billion Bitcoin bet and about the space as a whole. As noted by Su Zhu, CIO of Three Arrows Capital, the story about the investment hit the front page of the Wall Street Journal’s online edition.

While the article was somewhat critical of this move, basing this sentiment around the stagnation of MicroStrategy’s share pre-Bitcoin, many see this as validation of the space. There were likely many Wall Street investors that saw this, along with mainstream investors with subscriptions to the WSJ. It is unclear if this story was printed in the print version of the paper.

This article comes as this space has seen a strong uptick in mainstream media coverage.

CNBC, for instance, has hosted at least four separate TV segments on Bitcoin and cryptocurrencies over the past two weeks. For most of the year, this space barely got a peep on the outlet.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Retail Involvement to Drive BTC Above $20,000

Despite this coverage, retail involvement in the Bitcoin space remains minimal. Hans Hague, head of quantitative strategy at Ikigai, recently shared the chart below. It shows that Bitcoin interest as per Google Trends remains at lows, far from the highs seen in 2017’s bull market.

Analysts say that once retail investors enter the space en-masse as they did during the last cycle, prices will shoot past $20,000 easily. How soon this happens, though, remains to be seen.

But with increased coverage and increased institutional interest, it is likely to play out over the coming months or year.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
MicroStrategy's Bitcoin Bet Reaches Front Page of the Wall Street Journal


from NewsBTC https://ift.tt/3kMHZn7
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Analyst Lays Out Theory That Suggests A 290% Move In Cardano (ADA) Before Rally Is Over

Cardano (ADA) has no doubt has an interesting couple of weeks leading up to this point. The digital asset has hit multiple new all-time highs as the rally raged on. Only now slowing down but still well above its last all-time high set in May of this year. The slowdown has seen the price of the asset lose its footing over $3, causing it to crash down below $2.70 for the first time in over a week. This loss of momentum has led the market to believe that the asset might be nearing the end of its rally. But not everyone thinks so. Analyst Jason Pizzino has predicted that the altcoin still has a bit of fight left in it, predicting a 290% move before the end of this current bull cycle. An increase of this magnitude would put the price of ADA at nothing less than $7, solidifying its claim as the third-largest cryptocurrency by market cap. The Theory Behind The Prediction Jason Pizzino took to his YouTube channel to share his prediction with his over 200K subscribers. The prediction complete...
Post a Comment
Read more

Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

The major exchange is inching closer to a public offering. Prominent Bitcoin ( BTC ) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction. Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90–$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350. A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time. The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq pla...
Post a Comment
Read more

Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund

Blockchain VC investment firm Hashed is seeking $173 million for a second fund. One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the success of the initial one which netted $120 million from investors in December 2020 . Specifics regarding the new fund and its potential investors are thin on the ground however. Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing. It has attracted big-name financiers such as Naver, South Korea’s third-largest company by market value, which invested $12 million in the first Hashed blockchain fund. The Seoul-based compan...
Post a Comment
Read more