thecoinrepublic.com
Metaplanet, also known as “Asian MicroStrategy,” plans to acquire more Bitcoin (BTC) despite the current crypto market downturn. The Japanese investment firm announced its 11th series of stock acquisition rights to achieve this, per an earlier update.
Metaplanet Follows MicroStrategy at a Safe Distance
Investors are fixated on the macroeconomic factors surrounding the coin and hope some improvements will come soon. In addition to announcing the 11th series of stock acquisitions, Metaplanet provided associated guidelines and delivery details. It plans to roll this out by September 18, when shares will be issued to general investors.
Generally, Metaplanet is keen to double down on its Bitcoin investment. Since it launched its Bitcoin accumulation strategy in May, the firm has continuously purchased more BTC. Like many other firms, this Japanese financial leader draws its Bitcoin inspiration from MicroStrategy, a top Bitcoin holder.
On one hand, MicroStrategy began its acquisition spree in 2020 and has successfully accumulated more than 226,500 units of Bitcoin. In August, the firm bought 57.273 BTC for 500 million yen or $6.8 million to boost its holdings. The capital it used for this investment came from the ¥1 billion loan from MMXX Ventures. This investment brought its total Bitcoin holdings to 360.368 BTC.
While this is a far cry from MicroStrategy’s 226,500 BTC bag, the Japanese firm may be on its way to competing in the long term.
Bitcoin ETFs And Halving Fails to Boost BTC Price
Currently, Bitcoin’s price is $56,495.48, corresponding to a 4.04% increase within the last 24 hours. This is a significant improvement compared to the coin’s level a few days ago. However, it remains way lower than the all-time high (ATH) of over $73,000 that the coin hit in mid-March.
Several investors and market observers hoped that the launch of spot Bitcoin ETFs would give the price of the BTC a sizable boost. Next, traders hoped the April halving event would do the trick. This expectation did not also materialize.
With such attention from top institutional investors like Metaplanet and MicroStrategy, the BTC price may finally get the boost it needs to retest the resistance level at $60,000.
MicroStrategy Co-founder Predicts $13M Price Level For BTC
MicroStrategy’s co-founder Michael Saylor just predicted for investors expecting price changes before making bets in the market. He projected that the coin will hit $13 million by 2045.
This is quite an ambitious target for the digital currency, which is trading below $60,000. Saylor made this prediction during an interview today with CNBC Squawk Box. To reach the predicted level, BTC would have to surge by 23,417% from its current price. Michael Saylor is not the first to give such bullish projection for the coin, a trend that shows more analysts believe in its future prospect.
In addition to his prediction, the Bitcoin Advocate noted that the coin might eventually represent 7% of the global capital. In Saylor’s opinion, this outlook will be potentially driven by Bitcoin’s capacity of zero counterparty risk.