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Bitcoin Hits $77K High; MicroStrategy Outperforms S&P500, Profits Top $10 Billion

Nov 10, 2024, 05:09 AM

Bitcoin has reached a new all-time high, surpassing $77,000. Michael Saylor, CEO of MicroStrategy, reaffirmed his company's Bitcoin strategy, stating that "no one's ever lost money over the course of four years holding Bitcoin," and citing investor Warren Buffett's advice that "if you can't hold it for ten years, you don't deserve to have it for ten minutes." MicroStrategy's Bitcoin investment has reportedly surpassed $10 billion in profit, contributing to the company's market capitalization reaching $55 billion and its stock hitting new all-time highs. Remarkably, since incorporating its Bitcoin strategy, MicroStrategy has outperformed every S&P 500 stock, including Nvidia (NVDA). The surge in Bitcoin's price is expected to ignite retail investor interest, with traders noting a sizeable short squeeze and anticipating further gains. Some enthusiasts predict Bitcoin could reach $100,000 or even $500,000 this cycle.