Michael Saylor smiling from ear-to-ear as Bitcoin price blows past $70,000
Bitcoin prices (BTC) blasted past the $70,000 handle earlier this week, touching a new all-time high for the first time since the crypto bull run in 2021. The latest upswing in the world’s largest cryptocurrency has been warmly welcomed by the crypto community. Yet, arguably, no one is celebrating more than Michael Saylor, the man behind a company that holds the title of the world's largest corporate investor in Bitcoin.
On Monday, Bitcoin price touched a new record high of $72,910 as its meteoric rise shows no signs of stopping.
BTC, by far the largest crypto asset, has won back investor attention following the approval of nearly a dozen fresh spot bitcoin exchange-traded funds (ETFs) earlier in the year, and optimism that the Federal Reserve may soon begin lowering interest rates.
Investment in the top 10 U.S. spot bitcoin exchange-traded funds saw a slight dip to a two-week low in the week leading up to March 8, yet it still amassed nearly $2 billion, according to LSEG data.
«Bitcoin has kicked off the week on a high note, pulling the entire crypto market up along with it,» said Nick Cawley, a strategist at DailyFX.
With Bitcoin's supply capped at 21 million coins, investors are scrambling to join the ongoing bull run before April's «halving» event, which is set to further constrict supply.
This event, occurring every four years, slashes the rate of new coins entering the market and the reward for mining them in half, historically giving Bitcoin's price a boost.
The Bitcoin price surge to a new all-time high came just after MicroStrategy Incorporated (NASDAQ:MSTR), an enterprise software maker founded by Michael Saylor, made another significant investment in the flagship cryptocurrency.
According to filings with the
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