Michael Saylor, the CEO of MicroStrategy, recently sat down with CNBC following the release of his company’s earnings reports. Saylor is well known for his bullish stance on Bitcoin and reaffirmed his belief in the cryptocurrency’s potential during the interview.
“You can never have too much Bitcoin,” he remarked.
“Bitcoin’s Value Will Rise; Halving is Crucial”
One of Saylor’s primary focuses during the discussion was the anticipated shift in Bitcoin’s supply-demand dynamics. He mentioned that Bitcoin miners currently sell approximately $1 billion worth of Bitcoin monthly, summing up to nearly $12 billion annually. However, he anticipates this amount will halve following the expected Bitcoin halving event in April 2024. Saylor believes that this significant reduction in selling pressure could lead to a surge in Bitcoin’s value.
Spot Bitcoin ETFs to Play a Pivotal Role, says Saylor
According to Michael Saylor, the introduction and demand for spot Bitcoin ETFs will play a significant role in driving up the value of the cryptocurrency. Additionally, the upcoming accounting rules for corporate Bitcoin holdings are expected to further mainstream acceptance of the digital asset.
“In the long run, this will pave the way for companies to embrace Bitcoin as a treasury asset, thus enhancing shareholder value through their balance sheets.”
Furthermore, Saylor addressed prevalent challenges in the industry, particularly highlighting that fraud cases within the cryptocurrency sector have tarnished Bitcoin’s reputation.
MicroStrategy Releases Earnings Report: Continues Bitcoin Acquisition Despite Rising Losses
The company, which recently announced the purchase of an additional 155 BTC in October, bought 6,067 Bitcoins in the third quarter, bringing its total holdings to 158,400 Bitcoins. However, MicroStrategy’s financial health seems to be concerning. Despite record revenues of $129.5 million in the third quarter, the company reported a net loss of $143.4 million.