Bitcoin rose again, but Strategy may be left out of the party
Last week, Canadian bank TD Cowen published its new target prices for Bitcoin: $280 thousand in 2029 and $109 thousand still this year. But in the same report, the bank committed what for many bitcoiners resembles heresy: criticizing the pope of Bitcoin, Michael Saylor, the founder and CEO of Strategy, the world's largest bitcoin treasury company.
TD Cowen analysts forecast Bitcoin to reach $109,000 by the end of the year and $280,000 by 2029. However, they expressed skepticism about MicroStrategy, led by Michael Saylor, capturing the next Bitcoin surge, maintaining a target price of $260 for the company's stock. The analysts cited concerns over MicroStrategy's financial engineering, including its issuance of convertible notes and preferred shares, which have diluted the company's Bitcoin holdings per share.
MicroStrategy has been using a strategy called BTC Yield, which involved issuing stocks backed by Bitcoin, but this approach has faced challenges in a bear market.
Written by urgent.news from Brazil Journal's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
