MicroStrategy CEO Michael Saylor some would argue is Bitcoin’s biggest fan. Nobody buys the dip as much as Michael Saylor does. And just last night, MicroStrategy revealed that they plan to add to their Bitcoin position despite losses in quarter two of 2021.
MicroStrategy, the largest independent publicly traded business intelligence company, released their second quarter revenue on Thursday evening. The company reported a loss of nearly $700 million in the second quarter of 2021 (April-July). As of the end of the second quarter of this year, MicroStrategy revealed that the companies digital acquisitions amounted to around 105,000 Bitcoins. This equates to just over $2 billion dollars in Bitcoin. And although MicroStrategy has taken losses throughout the second quarter like nearly all institutions and retail investors involved in crypto, the company made it very clear that they have no intention of selling. In fact, they revealed that they will continue to add to their Bitcoin portfolio.
Saylor says Bitcoin is economic security
A quote from the company’s report that was released on Thursday night said:
“We continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy.”
Sailors’ enthusiasm for Bitcoin has helped to keep the market afloat during this bear cycle. And some cite Saylor as the most important figure within the market. However, Saylor has made it clear that he won’t take all of the credit. In a recent interview with CNBC, Saylor said:
“Bitcoin is enormously appealing to those looking for economic security right now. And that’s an incredibly powerful trend. The company is benefiting from that ground swell of support for Bitcoin.”
But Saylor will continue to be an integral part of the Bitcoin community as he revealed in the interview from above. Saylor said that MicroStrategy will continue to buy Bitcoin even though the company is almost $2 billion dollars in debt. Despite the debt of the company, MicroStrategy is a profitable software venture and Saylor will continue to buy the dip with the company’s cash flow.
MicroStrategie’s dollar cost average for their Bitcoin Position is reported to be around $19,000 which is half as much as today’s price. So, all in all, the company is doing well despite recent losses.
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Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.