U.Today – A staunch bitcoin advocate and advisor to Salvadoran President Max Keiser has made a shocking statement about MicroStrategy, a business intelligence firm founded and led by Michael Saylor.
He said the growth potential for MicroStrategy shares is virtually limitless.
Keiser’s Mega-Bullish Forecast for MSTR
Max Keiser believes that many financiers who have been in the profession for decades still do not understand the successful strategy used by MicroStrategy and why the company’s share price is rising so rapidly.
He also believes MicroStrategy stock is “literally off the charts.”
MicroStrategy buys more Bitcoin
On Thursday, Michael Saylor’s company announced that it acquired another unit of bitcoin in June – 169 BTC for $11.4 million.
MicroStrategy currently holds a total of 226,500 Bitcoin tokens, and the Bitcoin acquisition follows a previous one made in mid-June. In fiat money, this is equivalent to approximately $14,659,329,150 at the current exchange rate. The purchase was disclosed on July 31. The total amount was purchased for $8.3 billion at an average price of $36,821 per coin.
MicroStrategy (MSTR) stock price fell 6.5% in the trading session ahead of the company’s second-quarter earnings release on Thursday. MSTR fell in line with the significant decline seen across stock and cryptocurrency markets. Still, MSTR has seen a three-fold raise over the past year, while Bitcoin’s price has doubled over the same period.
The company plans to raise $2 billion to get more BTC
The company reported a net loss of nearly $103 million, or about $5.74 per share, compared with $22.2 million earned a year earlier ($1.52 per share). The losses came as MicroStrategy saw its bitcoin holdings write down $180.1 million, compared with $24.1 million in the second quarter of last year.
Earlier this year, MicroStrategy raised money twice for additional allocations to Bitcoin by offering debt to investors. In March, they raised $500 million, but started with the same goal over the summer, but then increased it to $700 million. According to Chinese crypto journalist Colin Wu, the company plans to raise around $2 billion again to further raise its bet on Bitcoin.
This morning, Michael Saylor posted a tweet showing how Bitcoin has helped him significantly outperform other tech companies in terms of stock price.
