The past two days have seen the crypto market rebound from earlier volatility, with Bitcoin rising by over 3% to $57,000. Amid this surge, MicroStrategy’s chairman and co-founder Michael Saylor has sent out an epic comment on Bitcoin.
Bitcoin as corporate solution
Notably, Saylor’s comments are in response to a post from Lyn Alden, founder of Lyn Alden Investment Strategy. Alden’s post highlighted her recently published article titled, “A New Look at Corporate Treasury Strategy.”
The article delves into the logic behind companies acquiring Bitcoin and the reasons why some firms have historically tended to decapitalize themselves. In the article, Alden also talked about the dominance of the Bitcoin network, liquidity and institutional interest.
Commenting on Alden’s article, Saylor stated, “Bitcoin will fix your corporate balance sheet.” Saylor’s statement generated discussion in the online community, with many agreeing with what he said. “The best collateral layer you can hope for. It will transform treasury management,” says X user @McDonaghMatthew.
#Bitcoin will fix your corporate balance sheet. https://t.co/0owo3y2bYh
— Michael Saylor⚡️ (@saylor) August 7, 2024
Meanwhile, Saylor’s comment comes only days after a recent Bitcoin purchase by MicroStrategy. According to reports, MicroStrategy remains the largest corporate holder of Bitcoin with 226,500 BTC valued at approximately $12.9 billion at the current market price. Renowned Bitcoin mining company Marathon Digital comes in a very distant second place with $1.29 billion worth of Bitcoin.
In an earlier report, Saylor says Bitcoin helps his company outperform competitors. To back his statement, Saylor released a diagram that illustrates the advantages of Bitcoin over other assets. The diagram also highlighted MicroStrategy’s performance over other leading global technology companies like Microsoft and Amazon.
Bitcoin’s move to $57K
Bitcoin has quickly regained its balance at the $57,000 price range after experiencing short-term market volatility. At press time, BTC is trading at $57,142, representing a 4% increase in the past day. However, the trading volume declined by 37% to $41 billion.
