The American business intelligence company, MicroStrategy, reported a loss of USD 300 million in the last quarter, as a result of the fall in the prices of bitcoin (BTC).
«The loss net for the second quarter of 2021 was USD 300 million, or USD 30.71 per share “, highlights the document presented by the company.
While the impairment losses of bitcoins held by MicroStrategy, amounted to USD 424 million , also during the same period of time.
Despite the amount of money reported as a loss, no everything is negative, the company also revealed that net income for the second quarter of 2021 was USD 125 million, which represents an increase of 13 , 4% , compared to the second quarter of 2020.
The setback experienced by the market and that affected the company led by Michael Saylor, will not detract from your appetite to continue acquiring do and holding bitcoins.
Saylor seems to be applying the popular investment strategy known as Hold . It consists of working under the assumption that the price of bitcoin will continue to increase more and more over the years and that, due to its programmed scarcity and utility, the increase in its value is assured.
“Our point of view is that being a company leveraged with bitcoins is a good thing for our shareholders,” Saylor told CNBC.
Likewise, the executive considers that it will be a matter of time for millions of people to have access to bitcoin through their mobile phones. Because of this, you want your company to seize the moment.
It is worth remembering that last June, MicroStrategy became the company with the highest amount of bitcoins to its credit with 105,085 BTC . The purchase took place in a context in which the price of cryptocurrencies was falling, as reported by CriptoNoticias.
MicroStrategy made their first bitcoins purchase in August 2020, at that time they acquired 21,454 bitcoins, each BTC had a price of USD 11,000, which represented a total cost of $ 250 million.
Compared to their current total of 105,085 BTC, MicroStrategy now has $ 4.2 billion invested in the leading cryptocurrency , according to the CriptoNoticias price calculator, at the time of writing.
Factors that could influence the fall of bitcoin
The decline experienced by bitcoin in recent months and that affected MicroStrategy’s investments, could be related to two factors.
The first of them, is attributed to the fall in the hash rate (or the processing power accumulated by miners on the Bitcoin network), after China’s constant attacks on mining activity. So far in eight provinces of the Asian country, bitcoin mining has been banned, as reported by CriptoNoticias.
There was also talk of a crisis of confidence fueled by Elon Musk and his comments about the alleged environmental impact of Bitcoin. Although a study conducted by CoinShare Research, determined that more than 70% of the energy used by Bitcoin mining equipment is renewable.
