MicroStrategy Pledges To Add More Bitcoin To The Balance Sheet

Listed business intelligence firm MicroStrategy is pledging to add more Bitcoin to a corporate balance sheet that already includes 105,000 BTC worth around $ 4 billion.

In a statement released ahead of the conference, MicroStrategy CEO Michael Saylor said, “We continue to be pleased with the results of implementing our digital asset strategy. Our latest capital increase allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital in our digital asset strategy. “

Speaking in a live video call with investors on Thursday, CEO Michael Saylor and CFO Phong Li adopted a defiant tone at a time when the mainstream press lashed out at the company for its focus on building up Bitcoin amid its recent market downturn.

However, Saylor did not seem reassured by critics, saying, “Our macro strategy is to acquire and hold Bitcoin. We will help explain Bitcoin to regulators, the public and the media.

“We believe acquiring Bitcoin right now is going to be a wise move. We have the impression that there is a land grab right now to acquire as much as we can, ”he said.

Elsewhere, Saylor said he was “happy” with the investment (to date the company has invested over $ 2 billion in Bitcoin), while describing the improving business environment for Bitcoin despite the negative news catalysts that have seemingly deterred retail investors of late.

“The Chinese exodus has been a very good thing for Bitcoin. The result has been decentralization of mining across the world, ”Saylor said. “In the long run, the westernization of Bitcoin is good for Bitcoin, the US dollar, and western technology. “

Still, in the question-and-answer portion of the event, Saylor had no shortage of questions, including whether the company would consider investing in other “crypto assets,” including Ethereum.

Saylor replied, “Our strategy is to focus on Bitcoin. I can plug Bitcoin into the whole digital economy and everything is improving. Bitcoin fixes everything.

“The least risky and most diversified investment strategy is simply to hold Bitcoin.”

For his part, Phong Li backed Saylor’s statements that the investment had “generated substantial shareholder value” and noting that the company was still in the early stages of deploying its Bitcoin strategy.

“Bitcoin is the most widely held financial asset in the history of the world, which is growing at the fastest rate,” Saylor said.

“If you look back twelve months, it’s hard to find publicly traded companies with Bitcoin on the balance sheet. You now have over a dozen companies with billions of dollars in Bitcoin on the balance sheet.”

Regarding the future of MicroStrategy, Saylor said, “Going forward, you can expect us to purchase additional bitcoin.”

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