Michael Saylor still sees bitcoin as a safe haven despite losses


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Investing.com – MicroStrategy co-founder Michael Saylor still believes the is a digital “safe haven” for investors, even though his company suffered losses of nearly $1.3 billion last year.

The software maker reported a net loss of $1.47 billion for the year in its earnings report released after the close on Thursday. The report showed that MicroStrategy – which has been in charge of bitcoin since August 2020 – has lost money for eight consecutive quarters.

“The only real safe haven for an institutional investor is bitcoin. Bitcoin is the only universally recognized digital commodity, and so if you’re an investor, bitcoin is your safe haven in that regard.”

The price of bitcoin plunged 64% last year as rising interest rates and the implosion of high-profile companies like FTX weighed on digital assets. MicroStrategy shares fell 74% over the same period.

Impairment charges relate to assets that have lost value since a company owned them, and MicroStrategy recorded impairment charges worth $1.29 billion on its bitcoin holdings in 2022.

The company has purchased 132,500 bitcoins over the past two and a half years as part of an unconventional strategy to convert all of its cash into cryptocurrency. It only sold bitcoin once during that time, dumping $11.8 million worth of tokens in December for tax reasons.



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