MicroStrategy, a publicly traded business intelligence company, has pledged to add Bitcoin to its corporate balance sheet which already contains 105,000 BTC and is valued at approximately $4 billion.
MicroStrategy CEO Michael Saylor stated that he was pleased with the implementation of his digital asset strategy. We were able to increase our digital holdings by raising capital. They now total more than 105,000 bitcoins. We plan to continue investing additional capital in our digital asset strategy.
Speaking during a live video call with investors Thursday, CEO Michael Saylor and CFO Phong Li struck a defiant tone at a time when the mainstream press has taken aim at the firm for its focus on accumulating Bitcoin amid its recent market downturn.
Saylor, however, did not seem to be fazed by the criticism. He stated: “Our macro strategy was to acquire and hold Bitcoin. We will help to explain Bitcoin to regulators, the public, and the media.
“We believe that acquiring Bitcoin right now is a smart move. He said that he feels like there is an opportunity to grab as much of the land as possible right now.
Saylor stated that he was pleased with the investment, and described an improving economic climate for Bitcoin in spite of negative news catalysts which have apparently deterred retail investors.
“The China exodus was a great thing for Bitcoin. Saylor stated that the result was a global decentralization in mining. “Long-term, the Westernization Bitcoin is good for Bitcoin and the U.S. dollar as well as Western technology.
Saylor was still available for questions during the question-and answer portion of the event. Saylor was asked if the company would be open to investing in crypto assets such as Ethereum.
Saylor responded, “Our strategy is to concentrate on Bitcoin. It’s possible to plug Bitcoin into the digital economy, and it makes everything more efficient. Bitcoin is the solution to everything.
Simply holding Bitcoin is the best and most risk-free investment strategy.
Phong Li, for his part, supported Saylor’s assertions that the investment has ‘generated substantial wealth for shareholders’ while noting that the company still needs to deploy its Bitcoin strategy.
Saylor stated that Bitcoin was the most popular financial asset ever created, and is growing at an accelerating rate.
“If you go back twelve months, it’s difficult to find any publicly traded companies that have Bitcoin on their balance sheets. You now have more than a dozen companies that have billions in Bitcoin on their balance sheets.
Saylor spoke out about the future of MicroStragey and stated that “Going forward, you can expect us to purchase additional bitcoin.”