tl;dr
Renowned economist Peter Schiff has compared MicroStrategy to gold mining companies as the MSTR stock surges, nearing its highest close since March 2020. Schiff noted that despite MicroStrategy "earning nothing and practically producing nothing," it is worth more than almost every gold mining compan...
Peter Schiff Compares MicroStrategy to Gold Stocks as MSTR Price Surges
Renowned economist Peter Schiff has compared MicroStrategy to gold mining companies as the MSTR stock surges, nearing its highest close since March 2020. Schiff noted that despite MicroStrategy "earning nothing and practically producing nothing," it is worth more than almost every gold mining company. He believes that MSTR may surpass Newmont's market cap. Market data shows MSTR's market cap at $43.34 billion, while Newmont's is at $55.12 billion. Despite Schiff’s reservations, MSTR's stock continues to reach new highs, currently up over 6% and on course for its highest close since March 2020. MicroStrategy’s stock is up over 293% since the start of the year, outperforming Bitcoin.
Michael Saylor Highlights the Stock’s Performance
Co-founder Michael Saylor highlighted the stock’s performance, showing that it has enjoyed more annualized returns than Bitcoin, the Magnificent Seven stocks, the S&P 500, and Gold over the last four years, with an annual return of 101%. This is attributed to the company's exposure to Bitcoin, as it holds 252,220 BTC on its balance sheet, which accounts for 1.2% of the crypto’s total supply. Saylor has promised that MicroStrategy has no plans to sell its BTC holdings and suggested that MSTR was the “perfect instrument” to short for Bitcoin skeptics.
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After conducting a comprehensive technical analysis, it is evident that the stock has reached a critical support level, indicating a potential buying opportunity for traders. The Relative Strength Index (RSI) is also signaling that the stock is oversold, further supporting the case for a potential bounce back. However, it's crucial to monitor the price action closely for a confirmed trend reversal before considering entry into a long position.
On the other hand, the stock is approaching a major resistance level, suggesting a possible area for profit-taking for those holding long positions. The Bollinger Bands indicate a period of increased volatility, emphasizing the need for careful risk management strategies during this phase. Traders should closely observe the price behavior around this resistance level to assess the likelihood of a breakout or a retracement.
Overall, the technical indicators present a mixed outlook, with the stock teetering between key support and resistance levels. Caution is advised, and it's essential for traders to await confirmation of a sustained trend before making significant trading decisions. The market's response to these critical levels will provide valuable insights into the stock's potential trajectory in the near term.
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