Michael Saylor, co-founder of MicroStrategy, is a strong advocate of bitcoin (BTC). He led the company to invest capital in the BTC acquisition. In August, he stepped down as CEO to become the company’s executive chairman. He has indicated that he will be more concerned with defending his favorite cryptocurrency from his new position. Recently, Microstrategy, which publishes analytics software, talked about its findings during a conference call. A senior executive from the company then explained what allows the Bitcoin blockchain to continue to mature.
Bitcoin (BTC) price stability is good!
Recently, Microstrategy’s senior executive vice president and chief financial officer shared some interesting bitcoin data. In fact, during the company’s latest earnings conference call, Andrew Kang talked about the bitcoin (BTC) devaluation charge. Recall that this conference is the first to take place after Phong Le took over as CEO of the company.
Kang said the company’s bitcoin (BTC) devaluation charge was only $ 700,000 during the third quarter of 2022. This amount is small compared to the $ 65 million devaluation charge recorded in the third quarter of 2021. senior executive vice president, il decrease in devaluation is due to the stability of the price of cryptocurrencies during the third quarter.
“Bitcoin prices remained above our book value watermark minimum of around $ 17,600 during the quarter and, as a result, we saw a minimum charge for digital asset deterioration in the third quarter.“Explained Kang.
Adoption of BTC is on the rise at the institutional level
Kang said: “Bitcoin’s volatility, as measured by volatility realized in one month, fell below that of major equity indices such as the S&P 500 and NASDAQ in the last quarter.“.
For him, the price stability of the first crypto by market capitalization is not trivial. It would indicate it The adoption of bitcoin (BTC) is growing at the institutional level. The senior executive vice president therefore believes that bitcoin is attracting more and more blue-chip investors.
According to Microstrategy’s CFO, the recent shift in the bitcoin market could signal that the investor base and institutional adoption of this crypto is changing. The crypto flagship would be increasingly appreciated by “traditional market operators“.
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Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.