Bitcoin Hits $42,000, MicroStrategy and El Salvador Celebrate Profits
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In a remarkable surge, Bitcoin (BTC) catapulted to a new high, surpassing $42,000 on Monday, marking levels unseen since April 2022.
MicroStrategy (MSTR), a key player in Bitcoin holdings, witnessed a boon as the value of its 174,530 bitcoins soared over $2 billion with the cryptocurrency’s surge. The company, led by Michael Saylor, has strategically accumulated Bitcoin since August 2020, having invested $5.28 billion at an average price of $30,252 per BTC by November 30.
As of now, with Bitcoin hovering around $41,700, MicroStrategy’s holdings stand at approximately $7.3 billion.
Saylor, a vocal Bitcoin advocate, champions the cryptocurrency as a store of value and a hedge against inflation. Despite crypto market volatility and regulatory uncertainties, MicroStrategy funded its Bitcoin purchases through a combination of debt and equity issuance.
El Salvador’s Bitcoin Holdings in $3 Million Profit
Earlier today, El Salvador’s President, Nayib Bukele, shared that the country’s BTC investment is now profitable by over $3.6 million, following the weekend’s crypto rally. El Salvador, holding around 2,744 bitcoins as of three weeks ago, with an average acquisition cost slightly below $42,000, maintains a steadfast commitment to Bitcoin. Bukele emphasized the long-term strategy, positioning BTC as a tool for financial inclusion and economic development.
El Salvador's #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023
Crypto Inflows Surge for the 10th Consecutive Week
This BTC surge coincided with the 10th consecutive week of inflows into digital asset investment products, totaling $176 million last week, according to the latest report by CoinShares.
Since October 2021, total inflows have reached $1.76 billion, constituting 4% of assets under management (AuM). Despite a 107% rise in total AuM this year, reaching new heights, it remains below the peak of $86.6 billion in 2021. Trading volumes for exchange-traded products (ETPs) remained robust, hitting $2.6 billion for the week, comprising 12% of total BTC volumes.
