Business intelligence firm MicroStrategy purchased an additional 1,434 Bitcoin between November 29 and December 8, according to its most recent regulatory filing.
The average purchase price is $ 57,477, which is 13.5% below current Bitcoin trading.
In late November, MicroStrategy reported the largest cryptocurrency purchase of $ 414 million since the beginning of the fourth quarter of 2021. The company currently holds 122,478 BTC, valued at $ 6 billion at current prices.
Bitcoin trades just under $ 49,000 with Evergrande’s default putting pressure on global stock markets.
BTC price 4-hour chart | Source: Tradingview
In one tweets On December 9th, Mick McGlone, chief commodities strategist at Bloomberg’s research arm, predicted that the next year would be good for both gold and bitcoin.
When inflation became a global issue this month, Bitcoin came under fire for its role as a hedge as its price fell 39% from its all-time high.
The latest US consumer price index (CPI) data will be released on Friday and analysts predict that inflation will rise sharply by 6.7% yoy.
McGlone believes next year could be very different as inflationary pressures give way to falling commodity and equity prices. grandfather tweets:
“Bitcoin $ 100,000, oil $ 50, gold $ 2,000? The commodity rally and long-term government bond yields are falling, risking a rebound in deflationary momentum in 2022. Bitcoin and gold are actively allocated. ”
Comparison table NS Macro Assets | Source: Mike McGlone
A previous post highlighted that crude oil prices are now roughly the same as they were just before the 2008 global financial crisis.
McGlone is known for his bullish stance on Bitcoin. Gold, which has performed relatively flat against Bitcoin this year, could also benefit from macro trends.
The debate between Bitcoin and gold continues to heat. Lawyers on both sides of the aisle jolted each other, but none of them made their usual fourth quarter profits.
However, when it comes to inflation, they appear to be on the same page.
Goldbug Peter Schiff asked the question this week:
“How long will it be before investors realize that even if the US Federal Reserve implements its anti-inflation plan to slow down quantitative easing and raise rates slightly in 2022, it will be too late to bail out this inflation ? If Powell doesn’t take drastic measures, inflation will happen violently! ”
US inflation chart | Source: Tradingeconomics.com
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London, United Kingdom, 25th June 2024, Chainwire
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