Three years into Michael Saylor’s audacious ‘Bitcoin Initiative,’ where MicroStrategy has been steadily accumulating Bitcoin (BTC), holding close to 160,000 units, a surprising analysis suggests that choosing Ethereum (ETH) instead might have been the more profitable path.
Intriguingly, had MicroStrategy opted for Ethereum over Bitcoin, they would currently be sitting on a staggering $2.5 billion in profit, a stark contrast to their present status of approximately $400 million in losses. This revelation comes from Holger Rohm, known as rohmeo.eth, the creator of the Bitcoin Rainbow Chart, who shared this analysis on October 9.
Rohm further noted that, had MicroStrategy chosen Ethereum, the company would have staked 11% of Ethereum (if staked), earning considerably more from staking than their core business activities, according to data sourced from BlockchainCenter.net.
It’s worth recalling that MicroStrategy was reported to have incurred unrealized losses of $500 million in late September when Bitcoin was trading at around $26,200, significantly lower than their average acquisition price.
Bitcoin Price Analysis:
At present, the leading decentralized finance (DeFi) asset is trading at $27,515. It has experienced a 1.21% decline in the last 24 hours and a 2.84% drop over the previous week. Nevertheless, it has still gained 6.44% on its monthly chart.
Ethereum Price Analysis:
Simultaneously, Ethereum is priced at $1,593.93, reflecting a 1.63% loss for the day, a 7.97% decline over the past week, and a 2.43% loss in the previous month, according to the latest data available as of October 9.
In conclusion, while Michael Saylor’s Bitcoin gamble could still pay off handsomely, the crypto world is divided, with some analysts and investors speculating that Bitcoin’s best days are yet to come. This sentiment is particularly pronounced as it approaches its halving event, fueling hopes of even reaching the lofty milestone of $1 million per Bitcoin.