MicroStrategy CEO: Bitcoin is going up forever

MicroStrategy CEO Michael Saylor said Monday that Bitcoin (BTC-USD) is “going up forever,” although the cryptocurrency will likely continue to experience bouts of volatility. The chief executive of MicroStrategy (NASDAQ:MSTR), which provides business intelligence software but has also become a heavy purchaser of Bitcoin, told CNBC that the firm will continue to purchase the cryptocurrency based on market conditions.

“”I think for the decade, Bitcoin is going to be the strongest, hardest, most technically forward store of value in the economy,” he said”

Saylor, who also serves as the MSTR’s chairman, reported that the company was open to using debt or equity to fund its growing stockpile of Bitcoin (BTC-USD).

“We will continue to acquire it, quarter by quarter, time to time, either with cash flows or with debt or with equity, just depending on market circumstances and what looks more accretive to our shareholders,” he stated.

Turning to other parts of the crypto market, Saylor said he sees a U.S. dollar stablecoin going to a market cap of $10T if regulators provide a transparent structure around it. He added that the U.S. dollar would likely emerge as the world reserve digital currency.

Last week, MicroStrategy (MSTR) saw its stock dip after it outlined its ongoing plans to acquire more Bitcoin (BTC-USD). At the time, the company held about 101,036 Bitcoins, worth about $6.1B.

MSTR showed a fractional gain in Monday’s intraday trading, rising less than 1% to $720.88 at about 2:30 PM ET. Longer-term, shares have generally moved sideways for the past several months after a big gain earlier in the year.

Given the firm’s big bet on the cryptocurrency, MSTR and BTC-USD have largely moved together in recent trading. Over the past six months, MSTR is up about 9%, while BTC-USD has shown a 4% advance:

Credit: seekingalpha.com

Previous Post

Leave A Comment


No products in the cart.