Bitcoin Investment Strategy and Market Trends
MARA issued a press release stating that it currently has over 20,000 Bitcoins on its balance sheet. Prior to this, $100 million worth of BTC was purchased. This is not MARA’s first purchase and it will likely continue to acquire tokens in the future.
In the press release, MARA expressed its intention to implement a HODL approach in its Bitcoin vault policy. This means it will regularly make strategic open market purchases and retain the Bitcoin mined in operations. The HODL approach is effective immediately, with more details on purchases expected to be rolled out upon execution.
MARA Chairman and CEO Fred Thiel said the recent acquisitions and transition to a HODL approach reflect their confidence in the long-term potential of the Bitcoin token. Fred also encouraged governments and businesses to hold Bitcoin as a reserve asset while reiterating that Bitcoin is the best financial asset in the world.
Bitcoin Price Fluctuations and Predictions
Notably, the drop in Bitcoin’s value provides a window for them to expand their holdings. The coin previously traded for less than $65,000. In the first week of July 2024, its price even hovered around $53,900.
BTC does have potential in the future. The current listing price is $66,978.98, up 4.41% in the past 24 hours. This is also a growth of 8.47% in the past 30 days. Experts predict that Bitcoin may reach a peak of $86,744 within the next 30 days. This would be a 31.97% jump from current values. It must first break through the $75,000 mark within the next 5 days. Although unlikely, the community believes that Bitcoin can achieve any milestone as long as all factors are favorable.
Market Reaction to Political Events and Regulatory Approvals
Donald Trump’s assassination attempt is believed to have brought bulls back into the market. The assassination attempt was believed to show who had a better chance of winning, so the value of the cryptocurrency began to climb. Political dynamics across the United States have changed, but the crypto market is optimistic about its future, especially after the U.S. SEC approved a spot Ethereum ETF.
MARA’s purchase of Bitcoin shows that the trend of large-scale token acquisitions continues. MARA even encourages governments and businesses to consider holding Bitcoin as a reserve asset. To this, there is no official response yet; however, suffice it to say that MARA has joined the list of people accumulating the flagship token before its value breaks $100,000. This milestone has long been on everyone’s radar, and it remains to be seen whether BTC can achieve it by the end of 2024.
