Michael Saylor thinks Bitcoin is the new Manhattan. On Monday, the MicroStrategy chairman called the king crypto “cyber Manhattan” during an interview, doubling down on his belief that Bitcoin is the ultimate economic powerhouse.
“We’ll just keep buying the top forever,” Saylor declared.
“Every day is a good day to buy Bitcoin. I would have bought Manhattan 100 years ago, 200 years ago, every year for the past 300 years. You pay a little more than the last buyer, but it’s always worth it to invest in the economic capital of the free world.”
MicroStrategy and its Bitcoin empire
MicroStrategy’s obsession with Bitcoin started in 2020, and the company hasn’t slowed down since. On Monday, Saylor revealed that the company added another 15,350 BTC to its stash. This latest purchase brings its total holdings to 439,000 Bitcoin, valued at roughly $46 billion.
How does MicroStrategy afford this? By issuing convertible notes to raise cash. It’s incredibly risky by all standards, but Saylor seems unbothered.
MicroStrategy is set to join the Nasdaq-100 index on December 23. This makes the company part of one of the most prestigious stock indexes in the U.S. and automatically includes it in the Invesco QQQ Trust ETF, a fund widely traded by institutional investors.
There are expectations of it joining the S&P 500 next year. So far today, MicroStrategy shares have jumped over 5% on the back of this optimism.
Bitcoin, Wall Street, and a Federal Reserve rate cut
Meanwhile, investors are bracing for a Federal Reserve rate cut, which could shake up markets and give Bitcoin another boost. According to the CME FedWatch Tool, there’s a 96% chance of a 25-basis-point cut during the Fed’s meeting this week.
Lower interest rates tend to weaken the dollar and increase money supply—two factors that have historically worked in Bitcoin’s favor.
Though it wasn’t the only winner today. Ether hit $4,100, gaining 1%, while the broader crypto market climbed 2.8%, according to the CoinDesk 20 index.
Coinbase stock jumped 4%, and Bitcoin’s price hit a new record of $107,229.38, with its year-to-date performance up an astonishing 151%.
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