Galaxy Digital’s CEO Mike Novogratz recently hailed MicroStrategy’s Michael Saylor for making a bold move, investing a whopping $593 million in Bitcoin.
On a social platform, Novogratz praised Saylor as a “legend,” highlighting a noticeable uptick in MicroStrategy’s stock compared to Bitcoin. During a period where the company sold $600 million in stock to buy Bitcoin, this move didn’t go unnoticed.
For Novogratz, Saylor’s substantial investment signals a growing institutional interest in Bitcoin, especially with the imminent prospect of an ETF.
MicroStrategy’s latest strategic moves are evident in its Bitcoin portfolio’s significant growth. Recent reports reveal the acquisition of an additional 16,130 Bitcoins, bought at an average of $36,785 per coin according to regulatory filings.
This acquisition has skyrocketed MicroStrategy’s total Bitcoin holdings to an impressive 174,530 coins, obtained at an average price of $30,252 each, including fees.
With this addition, the company’s total investment in Bitcoin now stands at a staggering $5.28 billion.
During a Bloomberg interview, Novogratz from Galaxy Digital expressed optimism about the cryptocurrency industry’s evolution post the 2022 market crash. He believes that most unethical players have been purged from the crypto sphere.
Looking forward, Novogratz foresees a potential economic slowdown in the U.S., potentially leading to Federal Reserve rate cuts in the second quarter of 2024. These shifts, in his view, could bring about significant changes in the cryptocurrency market, potentially paving the way for its growth and stability.
