Michael Saylor still sees bitcoin as a safe haven for investors, even after MicroStrategy's holdings shed $1.3 billion in value last year
as a digital"safe haven" for investors – even though his company suffered losses of nearly $1.3 billion on paper from holding the cryptocurrency last year.published after the closing Thursday. The report showed that MicroStrategy — which has been loading up on bitcoin since August 2020 — has lost money for eight quarters in a row.
But Saylor said he still has faith in bitcoin as a so-called safe haven, meaning he believes it's an asset where investors can park their cash during times of high volatility. "The only real safe haven for an institutional investor is bitcoin," he said on an earnings call."Bitcoin is the only universally acknowledged digital commodity, and so if you're an investor, bitcoin is your safe haven in this regard."implosion of high-profile companies like FTXImpairment charges account for assets that have lost value in the time a company has held them, and MicroStrategy listed impairment charges worth $1.29 billion on its bitcoin holdings in 2022.
The company has bought 132,500 bitcoin over the past two-and-a-half years as part of an unconventional strategy to convert all its cash into the cryptocurrency. It has only sold bitcoin once in that period,MicroStrategy shares were trading 4.7% lower in premarket Friday, but they have jumped 117% since the company started buying bitcoin. That means the stock has outperformed the benchmark
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