Yesterday MicroStrategy released its financial results for the second quarter of 2021.
MicroStrategy Announces Second Quarter 2021 Financial Results.
Join @MicroStrategy management to discuss $MSTR results at our Live Video Webinar today at 5pm EDT.https://t.co/Qch83Rj0GW
— Michael Saylor (@michael_saylor) July 29, 2021
Shortly before the presentation conference, the CEO Michael Saylor said that the company intends to add even more bitcoin to its corporate balance sheet, despite already owning around 105,000.
He 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”.
During the live video call with investors, some mainstream journalists targeted the company for its decision to invest so heavily in BTC, especially in light of the price drop in May and June, but Saylor and CFO Phong Li responded by saying that it is the company’s macro strategy to acquire and hold BTC, and then helped the community explain how Bitcoin works to regulators, the public and the media.
Saylor also said he thinks it’s wise to buy at this time of accumulation, so much so that he’s “pleased” with the investment.
After all, MicroStrategy has so far invested a total of about $2 billion to buy bitcoin, while the current value of all the BTC it holds exceeds $4 billion, effectively doubling its investment in about a year.
In fact, the company’s CEO believes that buying and holding bitcoin over the long term is a less risky investment strategy than many others, not least because bitcoin would be the most “held” financial asset in the history of the world.
According to Saylor, China’s exit from the market is also a positive event for Bitcoin, as it makes mining more decentralized.
He stated:
“Long term, the Westernization of Bitcoin is good for Bitcoin, the U.S. dollar and Western technology”.
It is worth mentioning that MicroStrategy’s first purchases of BTC were made last year, around this time (August), when the price of bitcoin was below $12,000. Given that it is currently around $40,000, it is really hard to criticize Saylor and Phong Li’s choices for now.
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