After revealing a possible $318,000 target for bitcoin by December 2021, Citibank has apparently changed its tune on bitcoin by proxy, downgrading MicroStrategy\u2019s status from \u2018neutral\u2019 to \u2018sell\u2019 after another bitcoin strategy announcement from the business intelligence company.Is it me, or is there an apparent conflict of interest brewing in Citibank?Last Wednesday, we discussed what could be in the works for the next period of bitcoin fear uncertainty and doubt as the cryptocurrency consolidates just below all-time highs.It appears that this process has begun, as experts from Citi bank turned up the heat on bitcoin by proxy, downgrading MicroStrategy\u2019s corporate standing this week.On Tuesday, MicroStrategy was downgraded to a \u201csell\u201d from \u201cneutral,\u201d and company shares subsequently fell.Citibank reportedly downgraded the company due to its \u201cdisproportionate\u201d focus on bitcoin after the company announced it was raiding more money to buy bitcoin.Citi analyst Tyler Radke said that the CEO Michael Saylor put investors at considerable risk, especially after what he called an \u201coverextended\u201d rally since September.He wrote: \u201cMSTR\u2019s bitcoin investment has returned $250M (or worth $26\/share or +20% towards stock) since August \u201920. While impressive, it pales in comparison to the 172% return in the stock. At the current stock price, our analysis suggests that the market is pricing in much more optimistic valuation scenarios for the core business and Bitcoin.\u201dOn Monday, MicroStrategy revealed plans to allocate an additional $400 million to its bitcoin treasuries. To make this bold move, the company plans to issue $400 million in convertible senior notes, increasing the company\u2019s bitcoin reserves by over 20,800 bitcoin.The company is the largest corporate holder of bitcoin by miles, owning 40,824 bitcoin on its books, worth a combined $769.2 million.This comes as institutions and investors, many of whom are all revered as investment legends (Paul Tudor Jones and Stan Druckenmiller), have\u2026<\/p>","protected":false},"excerpt":{"rendered":"
After revealing a possible $318,000 target for bitcoin by December 2021, Citibank has apparently changed its tune on bitcoin by proxy, downgrading MicroStrategy\u2019s status from \u2018neutral\u2019 [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/2963"}],"collection":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/comments?post=2963"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/2963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media?parent=2963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/categories?post=2963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/tags?post=2963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}