Bitcoin, the first and largest cryptocurrency by market capitalization, is attempting to break the long-anticipated $100,000 per coin mark amid a couple of close calls over the last day.
Bitcoin reached intraday highs of $99,044 in Saturday’s trading session; yesterday, it stopped short of the $100,000 mark, just reaching highs of $99,860.
In a recent tweet, Michael Saylor, co-founder and chairman of MicroStrategy, commented on the current price of Bitcoin (BTC): “The price of BTC is still less than $0.1 million,” an acknowledgment that the $100,000 milestone is within reach.
The price of $BTC is still less than $0.1M.
— Michael Saylor⚡️ (@saylor) November 22, 2024
Bitcoin flirted with a run toward the $100,000 milestone amid a rise in investor interest; the debut of options on U.S. exchange-traded funds lifted sentiment this week.
At the time of writing, Bitcoin was trading at $98,572, having reached record highs of $99,543 during Friday’s trading session, showcasing its remarkable performance in the market.
Saylor’s tweet comes at a pivotal moment, reminding the community that despite Bitcoin’s historic price surge, the $0.1 million or $100,000 milestone remains within reach.
With Bitcoin just a few hundred dollars away from the $100,000 mark, all eyes are on whether it can breach this psychological barrier. However, Bitcoin’s path to six figures may face resistance; other factors, such as market sentiment and broader macroeconomic conditions, might impact BTC price trajectory.
MicroStrategy accelerating Bitcoin purchases
MicroStrategy is accelerating its pace of Bitcoin buying by increasing the amount of convertible notes it’s selling by almost 50% to fund additional purchases of the cryptocurrency. The Bitcoin treasury company is moving rapidly to meet a goal announced last month of raising $42 billion in capital over the next three years to buy more Bitcoin.
In a Nov. 20 tweet, Saylor wrote: “Given high demand, we upsized our MSTR offering of 0% convertible bonds due 2029 from $1.75 billion to $2.6 billion, including a $400 million greenshoe option, and priced it at a 55% conversion premium.”
On Nov. 21, Saylor informed that “Microstrategy had completed a $3 billion offering of convertible notes at 0% coupon and 55% premium, with an implied strike price of ~$672.”
MicroStrategy announced at the week’s start that it bought a record $4.6 billion of Bitcoin through an at-the-market stock-share program. The company is now the largest institutional holder of Bitcoin, with 331,200 Bitcoin purchased at an aggregate price of approximately $16.5 billion.