2021 was a great year for the crypto industry as most of the large-cap cryptocurrencies like Bitcoin that hit an all-time high. However, 2022 was just as disastrous. Stocks, bonds, crypto assets and several other risk assets faced severe crashes.
However, after being under bearish control for so long, the crypto market seems to be improving. Bitcoin has reclaimed its crucial $20,000 level and is currently trading at $20,501.
Microstrategy Suffers Losses
Microstrategy, which holds a record for having the largest Bitcoin holding, is set to reveal its quarterly earning reports. Investors and traders are eagerly looking forward to the strategy that the company is expected to reveal in its report. At the moment, the company’s Bitcoin holding is around 50% unrealized loss against the total investment made to buy Bitcoins.
The firm’s Q2 report wasn’t great as it reported a loss of around $1 billion. It is important to know that even after the flagship currency managed to gain $20,000, most bitcoin investors are still trading at losses. Microstrategies are popularly known for hoarding bitcoins whenever there is a drop in price. Have the dire macroeconomic conditions in general led to a change in the company’s attitude towards BTC and crypto?
Earlier in August, Michael Saylor resigned from the post of Microstrategy CEO, but continues to act as the company’s executive chairman. At present, he is also concerned with matters related to Microstrategy’s Bitcoin acquisition strategy and other crypto-related matters.
Bitcoin Treasury claims that as of October 2022, the microstrategy holds 130,000 BTC and in the month of September, the firm bought 301 BTC worth approximately $19,851.
