On May 27, Michael Saylor, CEO of MicroStrategy and well-known crypto enthusiast, was asked during the “The Capital” conference if he felt bad that MicroStrategy, which has 130,000 BTC on its balance sheet, did not earn a substantial profit and is currently incurring losses.
The entrepreneur said that he is concerned with BTC’s collapse from a record high of $68,800 to currently trading below $29,000, despite the fact that it has lowered the value of the BTC MicroStrategy kept in reserve by $4 billion.
Saylor clearly thinks that one Bitcoin will one day be worth millions of dollars, making the present dip inconsequential in the businessman’s long-term view.
The business intelligence firm has spent $3.9 billion on cryptocurrency holdings but is now losing $240 million on them. The situation is complicated further by the fact that these Bitcoin stocks were valued at $7.8 billion in November.
In response to being asked various other questions, Saylor described the trading attitude as “foolish,” referencing the well-known tale of Amazon’s losses in the early 2000s. The entrepreneur believes that attempting to time the market is a terrible thing to do, giving examples like Bill Gates, Jeff Bezos, Elon Musk, Mark Zuckerberg, and Larry Page, who made their fortunes by inventing genuine products rather than trading.
In any case, MicroStrategy’s stock has already lost around 75% of its value since its high in November, and it is presently trading at $221.5 per share. They hit a low of $129 in early May before recovering 67% in the previous two weeks.
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