Is Strategy's Bitcoin Bet Brilliant, or Reckless?
Usually, the playbook for when an asset drops 46% from its peak is to stop buying it. Strategy (NASDAQ: MSTR) -- formerly known as MicroStrategy -- missed that memo, and the company now holds 766,970 Bitcoin (CRYPTO: BTC) after purchasing another 4,871 BTC in the first week of April alone, despite the cryptocurrency's price of $68,536 being far below the $126,000 all-time high it reached last October.
What makes this behavior especially notable is that practically every other company that tried to copy Strategy's approach with buying Bitcoin has either slowed to a crawl or started selling. So is Strategy's stubbornness a result of its visionary understanding of the asset, or is it just making a reckless miscalculation with how it expects Bitcoin to perform?
Image source: Getty Images.
Source Fool.com
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