Michael Saylor is truly a force to be reckoned with in the crypto space. The evergreen Bitcoin (CCC:BTC-USD) supporter has been pushing hard to get the masses to adopt digital currency as a hedge against inflation, and his influence does not go unnoticed. Likewise, when Bitcoin rises and falls, Saylor’s MicroStrategy Incorporated (NASDAQ:MSTR) is often at its mercy. That’s why today, as the crypto asset class takes off once again, MSTR stock is seeing huge gains.
When it comes to Bitcoin, Michael Saylor is on the proverbial Mount Rushmore of crypto influencers — right between Elon Musk and Jack Dorsey. The billionaire is in fact so influential to Bitcoin, his tweets affect the coin’s price. Crypto data-analysis group TIE and eToro are releasing a report this morning on Saylor’s influence; in Q2, an average Saylor tweet would boost Bitcoin’s value by 4.4% over the proceeding 24 hours.
MSTR Stock Wins After Bitcoin’s 12% Surge
MicroStrategy is an analytics platform that helps companies develop cloud-based apps. The business isn’t necessarily tied to Bitcoin, but as a Michael Saylor business, it naturally has holdings in the crypto. And those holdings are deep; the company is confirmed to have over 100,000 BTC in its portfolio, equating to nearly $4 billion in value.
With the business, its CEO and Bitcoin tied so closely together, it’s not surprising to see its growth chart mirror Bitcoin’s peaks and dips. Over the last month, MSTR stock has steadily dropped in the same manner as Bitcoin. Meanwhile, the play has seen a big growth spurt right around the time of Bitcoin’s growth from the ‘B Word’ Conference.
Today, Bitcoin is seeing 12% gains as rumors of Amazon (NASDAQ:AMZN) accepting the crypto as payment circulate. It comes as little surprise then that MSTR stock is seeing an equally sharp upward movement. The play is up over 18% in the first hours of trading, a gain of nearly 100 points. The stock is also seeing greater-than-usual trading volume, with 842,000 shares trading hands against the average 777,000.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.