Bitcoin Falls, But MicroStrategy Buys; World Bank Says Recovery Will Be Uneven

SourceNewsweek
SectorEconomy
CountryMiddle east

CryptoCorner

Bitcoin has plunged as much as 50% from its record high, but MicroStrategy plans to increase its holdings in the cryptocurrency.

The Tysons Corner, Virginia-based analytics and business-intelligence company plans to offer $500 million in debt to acquire additional Bitcoin.

“We pursue two corporate strategies,” the publicly traded company said in a note to investors: “(First) grow our enterprise analytics software business to promote our vision of Intelligence Everywhere, and (second) acquire and hold Bitcoin, which we view as a dependable store of value supported by a robust, public, open-source architecture untethered to sovereign monetary policy.”

“We pursue two corporate strategies,” MicroStrategy said in a note to investors: “(First) grow our enterprise analytics software business to promote our vision of Intelligence Everywhere, and (second) acquire and hold Bitcoin, which we view as a dependable store of value supported by a robust, public, open-source architecture untethered to sovereign monetary policy. Pictured CEO Michael Saylor of MicroStrategy.
Courtesy of MicroStrategy

The company said it now holds...read more...