Is retail back or is MicroStrategy only pumping the price of bitcoin?
Is retail back or is MicroStrategy only pumping the price of bitcoin? With the price of bitcoin pumping, many investors were hopeful that it would prove the return of retail investment. However, the influence of a single corporation on the relatively thin number of spot bitcoins listed for sale is casting doubt on this idea. When US voters re-elected Donald Trump as president, the price of bitcoin immediately soared. Retail traders surged back to crypto markets to bid up prices of anything associated with his incoming administration: Trump NFTs, Tesla, Trump Media & Technology Group, DOGE, Fannie Mae, Freddie Mac, Coinbase, and of course, bitcoin. Bitcoin acquisition company MicroStrategy soon capitalized on this retail frenzy and placed massive bids for spot bitcoin. This morning, CEO Michael Saylor announced another 51,780-bitcoin purchase using $4.6 billion of his previously announced $42 billion capital raise. The company now owns 331,200 bitcoins or one-th...