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BTC-Fan MicroStrategy Sees Its Stock Double

Summary:
MicroStrategy has done quite a lot with bitcoin this year. It’s earned a solid reputation from its customers as a result, and now, shares in the firm have almost doubled in the past few months.MicroStrategy Has Reached the TopMicroStrategy has been the subject of many a headline in the past several weeks given that it’s one of the first major institutional firms to come out and mention that it will be purchasing bitcoin. When the news finally emerged, it turned out that the company hadn’t just bought bitcoin… It was practically swimming in it. MicroStrategy bought more than 0 million worth of the world’s number one digital currency by market cap.However, things didn’t quite stop there. The company’s CEO Michael Saylor came out to mention just how confident he was in bitcoin. He stated

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MicroStrategy has done quite a lot with bitcoin this year. It’s earned a solid reputation from its customers as a result, and now, shares in the firm have almost doubled in the past few months.

MicroStrategy Has Reached the Top

MicroStrategy has been the subject of many a headline in the past several weeks given that it’s one of the first major institutional firms to come out and mention that it will be purchasing bitcoin. When the news finally emerged, it turned out that the company hadn’t just bought bitcoin… It was practically swimming in it. MicroStrategy bought more than $400 million worth of the world’s number one digital currency by market cap.

However, things didn’t quite stop there. The company’s CEO Michael Saylor came out to mention just how confident he was in bitcoin. He stated that without investing in it, the company would not be prepared for the future. He considered it more stable than stocks and gold, and he felt anyone who turned their backs on crypto was doing themselves a huge disservice.

Now, the currency is trading for just over $19,000, which is a bit of a drop from yesterday’s price, but things are still looking up for the asset. MicroStrategy is now looking like a bit bitcoin ETF according to Bloomberg analyst Mike McGlone, and the company has recently announced a new capital allocation plan that will include returning more than $200 million to its shareholders and investing a lot more money into digital currencies. As if MicroStrategy didn’t already have enough, right?

One of the big things behind MicroStrategy right now is that people could potentially purchase stock in the firm as a way of gaining access to bitcoin. However, not everyone is convinced that this is a good strategy. Nic Carter, co-founder of Coin Metrics for example, called this method of investing “very inefficient” and instead told all his followers to invest their money in Grayscale, as money put into MicroStrategy would equal roughly 23 cents of bitcoin exposure for every $1 invested given how many additional assets the firm controls.

This Is Happening with Several Other Companies

It looks like Carter may already be putting a dent in MicroStrategy’s stock shares given that prior to his words, they were trading for their highest figures in about 20 years, with each share selling for more than $342. However, just a few hours later, the stock fell by more than seven percent.

However, there are also other options for investors to consider. It looks like several companies that have invested in bitcoin have witnessed their stock move up in price over the past few weeks. Companies such as Marathon Patent Group Inc. and Riot Blockchain Inc. The fact is that bitcoin has reached a whole new level of popularity that traders are quickly looking to capitalize on.

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