A massive Bitcoin buy 🤯

Meanwhile, the price of Bitcoin surged tantalizingly toward $60,000 on Friday.

Author

Ryan Ozawa
September 13, 2024

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Bitcoin is seeing a green sprout today, with the current price of BTC moving around $59,680, after reports that the U.S. Federal Reserve is considering a larger-than-expected “jumbo” interest rate cut to offset continuing downward pressure on the market from job numbers in the waning months of the year.

Meanwhile, MicroStrategy has always been bullish on “digital gold,” and its founder and chairman Michael Saylor just announced its biggest BTC buy since February 2021: 18,300 coins for a staggering $1.1 billion. MicroStrategy has historically paid an average price of $38,585 per BTC, and being a HODLer is paying off, with the firm’s Bitcoin treasury yielding 17% in 2024 alone.

📝 What you need to know

Bitcoin Price Nears $60,000 as Traders Anticipate Jumbo Rate Cut - Decrypt

The price of Bitcoin rose Friday as traders grew more confident that the Fed’s upcoming meeting would yield a sizable rate cut.

decrypt.co/249381/bitcoin-price-nears-60000-traders-anticipate-jumbo-rate-cut

MicroStrategy Just Bought Another $1.1 Billion Worth of Bitcoin

Michael Saylor's software firm MicroStrategy now holds over $14 billion worth of Bitcoin after four years of buying up BTC.

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💬 Quote of the Day

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“Easier monetary policy and lower real interest rates tend to be negative for the dollar while benefiting its competitors like gold and Bitcoin.”

—Zach Pandl, Grayscale's Head of Research

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