Musk Shares “69-420” Meme for Bitcoin Price as Tesla BTC profits cross $1 billion

By Palak Malhotra
Published October 21, 2021 Updated October 21, 2021
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Musk Shares “69-420” Meme for Bitcoin Price as Tesla BTC profits cross $1 billion

By Palak Malhotra
Published October 21, 2021 Updated October 21, 2021

Tesla CEO, Elon Musk has tweeted about Bitcoin after a long haul. He has used the popular “69-420” meme to define Bitcoin’s exceptional performance in the ongoing bull run. Furthermore, since the reveal at the B-Word conference about Tesla holding a considerable amount of Bitcoin, this bull run has brought Tesla’s BTC holdings back in the news as the company’s Bitcoin profits exceeded $1 billion.

MicroStrategy BTC Profits Cross $3 billion

Along with Tesla, an Enterprise software company, and Bitcoin’s largest holder, MicroStrategy’s BTC profits also rallied with the Coin’s price surge. MicroStrategy’s crypto portfolio stands strong with over 114,000 Bitcoins, and CEO Michael Saylor has no plans to liquidate anytime soon. The company’s stocks trembled on this Tuesday, i.e., when the ProShares Bitcoin futures ETF started trading, however, the company rose and corrected overnight.

According to the FX Empire report, MicroStrategy shares hiked 4.2% yesterday, to $758. Furthermore, 2021 overall has been a profitable year for the company, with its stocks approximately doubling and spiking over 300% as compared to last year, which also resonates with the Bitcoin price surge of over 400%.

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Image Source: FX Empire

“MicroStrategy $MSTR reported a combined $3.5 billion in revenue between 2014 and 2020. But Michael Saylor has turned a $3.16 billion bet on Bitcoin into $6.7 billion in just over a year. This is one of the greatest trades by a CEO of a publicly-traded company in history.”, Joe Pompliano tweeted this Tuesday.

First-ever BTC ETF accumulates $1 billion in Assets on Day 2

With the implementation of the first-ever Bitcoin ETF, the crypto has shot through the roof in the past week. CoinGape’s exclusive coverage revealed that ProShares’ BTC ETF has accumulated $1 billion in assets within two days since its registration. The first-ever Bitcoin ETF started with $20 million in assets and crossed $500 million on day one, and now it has shown extraordinary results on day two with $1 billion.

Yesterday, October 20 saw Bitcoin’s (BTC) price shoot past $67,000 hitting a new all-time high and further entering the price discovery zone. It has seen a minor correction and was trading at $66,302 with a market cap of $1.24 trillion, at the time of reporting.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
417 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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