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One Of The Biggest Ever Bets On Bitcoin, Worth A Massive $250 Million, Is Already Paying Off – Forbes

Bitcoin, after a long period in the wilderness, has begun to find its place both on Wall Street and with non-financial companies.

The bitcoin price, up 6% on this time last year, has recently surged after trading sideways since early May—topping $11,000 per bitcoin for the first time since last September as nervous investors brace for a bout of inflation due to huge government spending and cash creation designed to offset the economic damage wrought by the coronavirus pandemic.

Now, the Nasdaq-listed NDAQ data analytics firm MicroStrategy MSTR has bought a little over 21,000 bitcoin tokens for $250 million to provide a “reasonable hedge against inflation”—and has seen over $100 million added to its value since the purchase was revealed.

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“Our investment in bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” MicroStrategy chief executive Michael Saylor said in a statement, adding the company believes bitcoin “is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

Bitcoin is “superior to cash,” according to Saylor, pointing to “macro factors” including the coronavirus pandemic, global quantitative easing measures, political and economic uncertainty,

What do you think?


Written by Gabriel

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