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MicroStrategy insists on holding Bitcoin despite huge losses

MicroStrategy insists on holding Bitcoin despite huge losses

Software analytics platform MicroStrategy reported that it insists on holding digital assets despite a loss of over a billion dollars in Bitcoin assets in 2022.

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February 23, 2023 05:39
MicroStrategy insists on holding Bitcoin despite huge losses
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Software analytics platform MicroStrategy reported that it is insisting on holding digital assets despite losing over a billion dollars in Bitcoin assets in 2022.According to Cointelegraph, on 2 February 2023, MicroStrategy published its last quarter earnings report for 2022, showing that sales earnings were approximately $ 1.3 billion.Accordingly, software analytics platform MicroStrategy lost over a billion dollars in Bitcoin assets in 2022. As reported by Cointelegraph, the company does not plan to finalise the trading of digital assets despite the disadvantage.27 As of December, MicroStrategy also held approximately 132,500 Bitcoins worth more than $4 billion, while paying an average of $30,397 for Bitcoins.MicroStrategy Chief Financial Officer Andrew Kang said, “We may consider additional transactions that can take advantage of Bitcoin price volatility or other market outputs consistent with our long-term Bitcoin strategy.” MicroStrategy co-founder Michael Saylor stated that the company uses “a number of different metrics” to calculate stock performance. Saylor stated that the most important criterion is the performance of Bitcoin, “The only real safe harbour for an institutional investor is Bitcoin. Bitcoin is the only universally accepted digital commodity and therefore, if you are an investor, Bitcoin is your safe harbour in this regard.”

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