2022-2-4 21:35 |
Bitcoin crashed to a low of $33,000 in January, which MicroStrategy Incorporated (NASDAQ: MSTR) saw as an opportunity to load up on the world’s largest cryptocurrency. The known BTC bull invested another $25 million to buy 660 Bitcoin last month.
CEO Saylor’s remarks on CNBC’s ‘Squawk on the Street’MicroStrategy now holds 125,051 Bitcoins in total, worth $4.67 billion at the current price of $37,330. On CNBC’s “Squawk on the Street”, CEO Michael Saylor said:
Bitcoin is the most disruptive force of the decade. So, our intention is to acquire and hold BTC by any means that’s accretive. We are combining the efficiency of a zero-fee spot ETF with yield and the cheap leverage of an operating company without the competitive risk of a Bitcoin miner.
A day earlier, MicroStrategy reported a much larger-than-expected loss for its fiscal Q4, related primarily to the sharp decline in the price of Bitcoin from its record high in November.
Catalysts for increased institutional adoption of BitcoinSaylor is convinced a digital property solution like Bitcoin can solve the most widespread financial challenges, including inflation, and sees several catalysts which could boost institutional adoption in the coming years. He added:
Approval of the Spot ETF would be a catalyst. If FASB converts accounting treatment to fair value accounting, that will be a catalyst. And I think additional regulatory clarity from the administration will also benefit Bitcoin and accelerate institutional adoption of the asset.
MicroStrategy said its free cash flow margin stood at 18% in the recent quarter that Saylor says is evidence the core business continues to be strong. The stock has tanked 60% in less than three months.
The post MicroStrategy CEO: ‘BTC is the most disruptive force of the decade’ appeared first on Invezz.
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