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Michael Saylor despite Q2 losses says MicroStrategy will keep buying Bitcoin

Jerome Powell

TL;DR Breakdown

  • Michel Salylor says MicroStrategy would keep buying Bitcoin
  • MicroStrategy losses $690m in Q2 2021
  • Sylor says MicroStrategy will explain Bitcoin better to regulators among other commitments

MicroStrategy CEO, Michael Saylor has said that the software exchange firm would continue investing in cryptocurrencies despite its Q2 impairment loss. 

The exchange firm recorded an impairment loss of $690 million from its huge Bitcoin investment according to its Q2 report

Despite the huge loss, Michael Saylor noted that nothing has changed as the firm would keep investing in cryptocurrencies.

Michael Saylor unfettered despite huge loss

MicroStrategy has made huge investment in crypto since it began amassing Bitcoin in August 2020. The firm has well over 105,000 Bitcoin in less than one year. 

However, the substantial purchases completed during the second quarter of this year have resulted in a cumulative impairment loss of $689.6 million for the company. 

The loss has not impacted Michael Saylor in any way as he posits that the firm has no plans to change its Bitcoin strategy. 

He noted that they are pleased with the results of their digital assets implementation strategy. He noted that going toward, the plan is for the firm to deploy additional capital into our digital asset strategy. 

MicroStrategy and it’s Bitcoin investment 

The firm as said previously has continued to accumulate Bitcoin since August 2020 despite being listed on NASDAQ. 

Since then, the organization has used every possible chance to buy more from relatively smaller purchases of $10 million to whopping amounts of $1 billion at once.

Taking their love for Bitcoin further, the firm has organized BTC-oriented events for corporations and retail users, MicroStrategy became a node on the Bitcoin network, and non-employee executives started receiving funds in the cryptocurrency instead of cash. 

Michael Saylor while committing to Bitcoin recently said the firm will help explain Bitcoin to the regulators, to the public and to the media.

On the future of MicroStrategy, Saylor stated, “Going forward you can expect we will purchase additional Bitcoin.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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