News Commentary #1,589 – DollarBill | Bitcoin – Tesla And MicroStrategy Reports..?

DollarBill (reviewed here) provides his clients with more news and interesting updates from the financial sector, this time specifically related to Bitcoin and investments of well-known companies in this main (KING) asset..

Let’s dive into them, because such news allows everyone to create a complete and more detailed picture of how the cryptosphere works, how it develops and affects investment strategies.

 

Bitcoin is a 100-year investment: MicroStrategy CEO

Feeling down that bitcoin prices are well off their all-time highs? Don’t be, says bitcoin bull and MicroStrategy CEO Michael Saylor.

“My time horizon is a decade or more,” Saylor said.
And Saylor is putting his money where his mouth is on bitcoin.

MicroStrategy disclosed this week it purchased 660 bitcoin for about $25 million between Dec. 30, 2021 and Jan. 31, 2022. The average price per coin tallied $37,865. The company now holds 125,051 bitcoins valued at about $4.8 billion, reflecting Saylor’s focus on diversifying the software maker into a promising technology.

Adds Saylor, “People buy bitcoin because they want to buy an asset they understand that might have value in 100 years. The truth is there is no security trading on the Nasdaq of the New York Stock Exchange right now that you can understand 100 years from now.”

Despite the promise of bitcoin, the benchmark crypto has been swept up into the broader risk-off environment that has gripped.

 

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Tesla Reported $101M Impairment Losses After $1.5B Investment in Bitcoin

Tesla noted in a filing with the US Securities and Exchanges Commission (SEC) that Bitcoin’s price fell below the price of the company’s purchase price, as the whole crypto market plunged. Furthermore, Elon Musk’s company had $128 million gains in Bitcoin for selling certain merchandise.

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. As with any investment and consistent with how we manage fiat-based cash and cash equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of the market and environmental conditions,” the filing said.

Not the first impairment loss
In July, Tesla reported a $23 million impairment in the second quarter of 2021. According to CNBC, the initial $1.5 billion investment in Feb last year was “more than its entire quarterly research and development budget”

Check other news for today and Please stand by..

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