- MicroStrategy Inc narrowed its bitcoin-related losses in the first quarter.
- Its executive chairman, Michael Saylor, is as enthusiastic about bitcoin as ever.
- Bitcoin is currently up about 70% compared to the beginning of the year 2023.
Bitcoin It has lost about 7.0% in recent weeks but Michael Saylor, executive chairman of MicroStrategy Inc., is as confident in its long-term potential as ever.
Michael Saylor on MicroStrategy’s Q1 results
Earlier this week, the Nasdaq-listed firm said that impairment losses related to its bitcoin holdings narrowed more than 90% sequentially to $18.9 million. first quarter, According to Saylor:
Bitcoin is the ultimate digital scarcity network. It has increased by an average of about 50% in the last three years. The key with bitcoin is to be able to sustain it and stomach the volatility.
MicroStrategy now holds approximately 140,000 bitcoins. Naturally, therefore, the recent surge in BTC which is still up nearly 70% for the year has been a meaningful tailwind for the company.
“MSTR” has more than doubled since the beginning of 2023.
Why is the price of bitcoin rising this year?
Saylor partially credits bitcoin price strength this year inflation It’s still running at an annual rate of 5.0% in the United States – well above the Fed’s 2.0% target.
He added that the recent bank failures have also hurt confidence in fiat currencies. on CNBC’sClosing Bell: OvertimeSaylor said:
Bitcoin is a bank in cyberspace run by corrupt software. So, the stage of having your own bank has emerged as an investment idea in the United States of America.
interestingly they dubbed the ongoing crypto crack There is also an advantage for bitcoin as it has established a reputation as a safe-haven asset.