MicroStrategy CEO Michael Saylor Bullish on Bitcoin Despite Paper Loss

MicroStrategy said it currently holds over 1.05 lakh Bitcoins.

By Edited by Gadgets 360 Newsdesk | Updated: 31 July 2021 18:28 IST

MicroStrategy CEO Michael Saylor Bullish on Bitcoin Despite Paper Loss

MicroStrategy said its subsidiary MacroStrategy holds approximately 92,079 Bitcoins

Highlights

MicroStrategy is the largest corporate investor of Bitcoin
Its subsidiary MacroStrategy also holds over 92,000 Bitcoins
Saylor said his firm's strategy is to invest in Bitcoin for the long term

Bitcoin's largest corporate investor MicroStrategy has decided to continue to pour money into its “digital asset strategy” despite taking a loss. The US-based business intelligence software developer said the current value of its Bitcoin holdings was $2.051 billion (roughly Rs. 15,255 crores), that was a cumulative impairment loss of $689.60 million (roughly Rs. 5,130 crores). However, this is considered only as a paper loss (not yet been realised), that is fully based on the cryptocurrency's price at the end of the second quarter. CEO Michael Saylor, who has often been bullish about the future of the world's oldest cryptocurrency, said he is “pleased by the results” of the digital asset strategy.

Saylor said in a statement that the company's latest funding had allowed it to increase its digital holdings to more than 1.05 lakh Bitcoins. “Going forward, we intend to continue to deploy additional capital into our digital asset strategy,” he added.

The company said its subsidiary MacroStrategy holds approximately 92,079 Bitcoins.

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Reiterating his stance on Bitcoin's future on Friday, Saylor said his company's strategy is to invest in Bitcoin for the long term as the future of the Big Tech is “digital property.”

Our strategy is long #bitcoin, long term, leveraged intelligently. It is only a matter of time before billions of people plug their mobile phones into bitcoin and we want to be there first. The future of big tech is digital property. $MSTR @MicroStrategy https://t.co/THmVLfxNfC
— Michael Saylor (@michael_saylor) July 30, 2021

In another tweet earlier, he said Bitcoin was the fastest growing and most widely held financial asset in the history of the world as it is now held by more than 114 million people.

#Bitcoin is now held by more than 114 million people, making it the fastest growing, most widely held financial asset in the history of the world.https://t.co/WB05R5snBo
— Michael Saylor (@michael_saylor) July 29, 2021

Last month, when another billionaire entrepreneur, Elon Musk, had mocked Bitcoin maximalists with a lightbulb joke, Saylor had responded to him.

“That's not funny!” – Bitcoin maxis
— Elon Musk (@elonmusk) June 25, 2021

If you give us 10 minutes, maybe we can hash out the answer...
— Michael Saylor (@michael_saylor) June 25, 2021

Saylor made the first investment into Bitcoin in August last year with a purchase of 21,454 Bitcoins for $250 million (roughly Rs 1,860 crores). In February this year, his company added another 19,452 Bitcoins for nearly $1 billion (roughly Rs. 7,440 crores). By March 1, MicroStrategy's Bitcoin holdings had reached 90,859 BTC acquired for $2.19 billion (roughly Rs. 16,290 crores).

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In less than a year, Saylor has turned a relatively obscure intelligence software firm into a de facto Bitcoin ETF.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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