MicroStrategy Shares Surge 15% Following Saylor’s Huge Prediction

The shares of business intelligence firm MicroStrategy have surged by nearly 16%, reaching an intraday high of more than $212 per share.  

The company’s market cap has now swelled to nearly $43 billion following the recent price surge. 

Earlier today, MicroStrategy co-founder Michael Saylor made waves with a social media post stating that the cars of the future will be powered by Bitcoin. This coincided with Tesla’s long-awaited robotaxi presentation, which ended up being a flop.

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MicroStrategy owns $15.8 billion worth of Bitcoin at current prices, according to the most recent data. 

Earlier this Friday, the price of Bitcoin managed to reclaim the $63,000 level in a big win for the bulls. The cryptocurrency has surged by as much as 6% over the past 24 hours. 

The company’s shares are up a whopping 231% on a year-to-date basis, substantially outperforming Bitcoin. For comparison, the largest cryptocurrency is up less than 50% over the same period of time. 

Following the most recent rally, MicroStrategy came closer to overtaking Coinbase, the largest U.S. cryptocurrency exchange. The latter boasts a market cap of roughly $44 billion after its shares also surged by an impressive 7%. 

Despite its impressive gains, it is unlikely that MicroStrategy will eventually make it to the S&P 500 due to the inconsistency of its revenues and earnings. Earlier today, the company was added to the MSCI World Index.

During a recent interview with Bernstein, Saylor stated that he wanted to turn MicroStrategy into a trillion-dollar company by turning it into the leading “Bitcoin bank.” For this to happen, the Bitcoin price would need to surge to “millions” per coin.