Aside from the gains the business intelligence and software company has posted in recent weeks, MicroStrategy's Bitcoin (BTC) strategy has paid off handsomely. MicroStrategy (MSTR) shares have risen to unprecedented heights since launching this strategy.
MicroStrategy (MSTR) outperforms Bitcoin (BTC)
Michael Saylor, founder and chairman of the Bitcoin-friendly company, shared a screenshot of a chart detailing MSTR's performance since August 10, 2020, when MicroStrategy launched the Bitcoin strategy. Accordingly, the chart shows that MSTR stock has outperformed stocks like S&P 500, Nasdaq, gold, silver, bonds and even Bitcoin.
MicroStrategy is considered the largest non-crypto holder of BTC with a portfolio of approximately 174,530 BTC following its recent acquisition. The launch of the company's Bitcoin strategy in 2020 came on the heels of the COVID-19 pandemic that rocked the business world. Since then, MicroStrategy has continuously purchased the flagship cryptocurrency. An interesting aspect of this move is that the company refused to sell its large Bitcoin supply.
Last week, Blockstream CEO Adam Back pointed out that experts are starting to take notice MicroStrategy is constantly increasing Bitcoin per share. This came after Ecoinmetrics provided insights into MSTR price action. At the time, Back urged investors to “buy MSTR with BTC.”
This time, Saylor says, “Adopt the Bitcoin standard,” as he presented the performance of MicroStrategy shares compared to Bitcoin and other major financial assets he would have otherwise chosen.
For reference, the chart shared by Saylor shows that MSTR has grown 385% since August 2020, while Bitcoin is up 274%. The duo significantly outperformed its closest competitor, the S&P 500, which only posted growth of 37%. Nasdaq stocks, on the other hand, saw growth of 31%.
Gold, silver and bonds in the red
The other assets typically compared to Bitcoin, including gold, silver and bonds, have all fallen sharply and are on the red side of the chart, indicating a loss in value over time. Looking at these findings reinforces Saylor’s verdict that “Bitcoin is stronger.”
Of note are recent events surrounding Bitcoin, including the wait for spot approval of the Bitcoin ETF from the United States Securities and Exchange Commission (SEC), which triggered the coin's market value, contributed to the MSTR increase.
At the time of writing, Bitcoin was trading at $44,034.19, down 0.75%.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.