Bitcoin’s burgeoning reputation has been helped along by price fluctuations and changes in the cryptocurrency’s market cap. Despite the latest bear trends, proponents of the cryptocurrency believe that Bitcoin will be the currency of the future. Microstrategy, the popular business intelligence and mobile software firm claimed on Friday that they will be adding more Bitcoin to their roster.
The company’s stance on the world’s largest cryptocurrency comes on the back of reports suggesting losses incurred by Microstrategy. This loss was spread across sectors and according to CEO Michael Saylor, the asset class would only help in revitalizing the market. The report also said:
“We continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy.”
2021 is turning out to be a great year for the company as second-quarter gross profits cross the $100 million mark. Microstrategy’s latest report further touched on the company’s total BTC holdings. According to sources, Microstrategy had amassed 105,085 BTC with cumulative impairment losses of $690 million. A subsidiary of the parent company, Micrtostrategy LLC holds approx. 92,079 BTC.
As of now, Saylor and Microstrategy look to be putting their faith in Bitcoin’s functionalities. The BTC proponent even reiterated recently that if the price of Bitcoin was lower four years later than it is now, he would consider his cryptocurrency strategy. Other players in the market praised Microstratagey’s bullish nature and urged them to keep up the good work.