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BTC will never undermine USD reign
03-08-2021 15:11
BTC will never undermine USD reign
BTC will never undermine USD reign

From the viewpoint of MicroStrategy CEO Michael Saylor, bitcoin looks more like “a digital property” and “a store of value” than a conventional currency. BTC features are strikingly different from those of fiat money. So, bitcoin will hardly compete effectively with them, in particular, with the US dollar.

Interestingly, being one of the keenest bitcoin proponents, Michael Saylor is certain that the flagship cryptocurrency does not pose a threat to the greenback at present or in the future. Thus, the US government is immune to any bubbles in the crypto market due to BTC status of the digital property as well as to the doom and gloom in the real estate and gold markets.

MicroStrategy is unaffected by the extreme volatility of the number one cryptocurrency. In case of a slump in bitcoin price, the company will not rush to dump its corporate investments in BTC, Michael Saylor comments on his stance. He believes that the most important is to sit out bearish periods in the crypto market and neglect the FUD tactic known as fear, uncertainty, and doubt. At the same time, the firm should learn a lesson from a losing streak.

Earlier, MicroStrategy CEO warned traders that they could be discouraged with abnormal BTC volatility. He reminds them that they should invest as much money as they can afford to lose.            

Importantly, MicroStrategy is one of the first publicly traded companies to make corporate investments in bitcoin. In August 2020, it purchased cryptocurrency in the amount of $250 million. In December 2020, the company allocated both cash and debt securities for crypto investments.      

In late June 2021, MicrosoftStrategy bought more 13,005 bitcoins worth $489 million. At present, the company’s BTC holdings total 105,085 digital tokens. Recently, the management announced that it was launching a program to sell $1 billion worth of its stock. The money gained from the stock offering would be used to purchase more bitcoins.   

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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