MicroStrategy now wants to be referred to as a “Bitcoin (BTC) development company.” This was confirmed by its Executive Chair, Michael Saylor, in a recent interview following Bitcoin’s resurgence to the $50,000 mark a couple of hours ago.
MicroStrategy Becomes a Bitcoin Development Firm
“It makes sense for us to call ourselves as Bitcoin development company in the same way you should see a real estate development company or a petroleum development company,” Saylor just told CNBC.
Saylor’s statement reaffirms the proclamation he made during his company’s Q4 earnings call on Friday. The exec highlighted their dedication to the continuous development of the Bitcoin network alongside their commitment to financial markets, advocacy, and innovation.
MicroStrategy’s press release also emphasized the dual-core strategy of the firm which reflects its “Intelligence Everywhere” mantra. It involves acquiring and holding Bitcoin due to its dependability as a store of value while growing its enterprise software business to drive innovation.
The company co-founded by Saylor now holds 190,000 Bitcoin after their latest acquisition in January. The digital assets were purchased at an average of $31,224 per BTC for a total of $5.93 billion. As of 3:00 AM UTC, despite Bitcoin tumbling back to the $49,000 range from a $50,000 high in the 24-hour charts, MicroStrategy has already gained an unrealized profit of $3.38 billion from its Bitcoin holdings.
On a broader scale, MicroStrategy’s two-pronged approach in both emerging and traditional markets appeared to have paid off as it outperformed Bitcoin and other big tech stocks like Microsoft and Google.
Positive Bitcoin Outlook by Michael Saylor
With the advent of spot Bitcoin exchange-traded funds (ETFs) in the US, Saylor said Bitcoin is now the world’s most popular investment asset. He added that it’s novel, digital, global, and unique in the sense that it’s uncorrelated to traditional risk assets.
The MicroStrategy Chair further explained that BTC does not come with risk exposure to any given country, currency, company, quarterly result, product cycle, competitor, weather, war, employee base, or supply chain. Given these, it presents a “natural addition” to every investor’s portfolio.
Saylor foresees a strong demand and surge of capital for Bitcoin going forward as it has already encroached on the ETFs market, which has resulted in 10 times more demand for BTC.
Notably, the exec hadn’t even touched on the topic of Bitcoin halving in the discussion, which should be another catalyst for a surge in demand for the crypto asset.
As of this writing, Bitcoin has retracted to $49,900 after it traded between a low of $47,700 and a high of $50,300 in the 24-hour chart. This primes its market cap to $979.37 billion while trading volume for the asset soared to 57% as $33.82 billion worth of BTC moved between wallets and exchanges.