- After three years of the bold “Bitcoin Initiative” initiated by Michael Saylor, we see that the company has consistently purchased Bitcoin (BTC) and currently holds approximately 160,000 units.
- An analyst noted, “If they were buying Ethereum instead of Bitcoin and staking, the company would hold about 11% of Ethereum and earn much more than their core business.”
- Bitcoin is trading at $27,498, registering a 1.21% decrease in the last 24 hours. It has also seen a 2.84% drop over the past seven days.
MicroStrategy, led by Michael Saylor, has only preferred to buy Bitcoin so far. What would have happened if they had chosen to buy Ethereum instead?
If MicroStrategy Had Chosen Ethereum…
After three years of the bold “Bitcoin Initiative” initiated by MicroStrategy’s co-founder Michael Saylor, we see that the company has consistently purchased Bitcoin (BTC) and currently holds approximately 160,000 units.
If MicroStrategy had chosen to buy Ethereum instead of Bitcoin, according to an analysis shared by Holger Rohm, the creator of the Bitcoin Rainbow Chart (also known as rohmeo.eth), the company would have made a profit of $2.5 billion instead of suffering a loss of approximately $400 million as of the time of writing.
Moreover, a cryptocurrency analyst noted, “If they were buying Ethereum instead of Bitcoin and staking, the company would hold about 11% of Ethereum and earn much more than their core business.” These figures were obtained by BlockchainCenter.
Indeed, as reported by COINOTAG in late September, MicroStrategy was recording unrealized losses of $500 million at a time when Bitcoin was trading around $26,200, well below MicroStrategy’s average purchase price.
Current Status of Bitcoin and Ethereum Prices
At the time of writing, Bitcoin is trading at $27,498, registering a 1.21% decrease in the last 24 hours. It has also seen a 2.84% drop over the past seven days, but still maintains a 6.44% gain for the month.
Meanwhile, Ethereum is priced at $1,591, with a 1.63% loss during the day and a 7.97% decrease over the past week, as of the latest data from October 9, resulting in a 2.43% loss compared to the previous month.
All things considered, Saylor’s Bitcoin bet still seems highly rewarding, especially as many cryptocurrency analysts and investors believe it could reach $1 million as we approach the upcoming halving event.
