- MicroStrategy is about to release a report on its Q2 earnings and forecasts which could influence the next investors’ move on Bitcoin.
- Michael Saylor of MicroStrategy remains bullish on Bitcoin and has predicted that Bitcoin may surge by 10 times from the current price and another 10 times surge.
Michael Saylor’s MicroStrategy is set to release a report of its financial results for the second quarter on August 1, 2023. Its continued acquisition of Bitcoin (BTC) makes this report a big deal for crypto investors as positive results could trigger a bullish run for the entire market. MicroStrategy is the world’s largest institutional investor in Bitcoin. Its anticipated Q2 Report is expected to cover its earnings statement about the state of its BTC Investment and a forecast for the upcoming quarter.
For traders, the company’s earnings and forecast for revenue would be very important in their investment decisions. The report may determine the amount of Bitcoin it could purchase in the months to come. The executive chairman and co-founder of MicroStrategy, Michael Saylor may also predict Bitcoin price in the near term.
Based on the recent rally, MicroStrategy would likely report positive earnings which could cause its stock to continue climbing up the price curve. MicroStrategy’s stock is said to have grown by as much as 201.94 percent since the beginning of the year. Interestingly, the BTC price has also recorded a 75 percent surge over the same period.
On June 28, 2023, Saylor’s founded company purchased 12,333 BTC. This takes its total accumulation to 152,333 $BTC.
Michael Saylor Remains Bullish on Bitcoin
According to reports, the company could have its earnings reaching a new height when the spot Bitcoin ETF applications to the United States Securities and Exchange Commission (SEC) get approved. The likes of Blackrock, Citadel, Valkyrie, and Fidelity are seeking the first-ever Bitcoin ETF slot. Reports disclose that MicroStrategy’s BTC largest accumulation came at a point when these institutions submitted their ETF applications.
In a recent interview, Michael Saylor argued that Bitcoin would not likely fall to zero. According to him, the next logical step is for BTC to move to 10X from the current price, then another 10X. Per his analysis, regulatory clarity in the US would play a huge role in this.
Regulatory clarity is going to drive #Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream.
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He also noted that the recent crackdown by the SEC is setting Bitcoin up for a bull run. It can be recalled that the SEC categorized several altcoins in the Binance Lawsuit as securities. However, Bitcoin was exempted. He believes that institutional investors may be at peace to go all out on the digital asset since it is not recognized as a security.
Regulatory clarity is going to drive Bitcoin adoption by eliminating the confusion and anxiety that has been holding back institutional investors…They have a view of crypto exchanges which is far constrained. Their view is that crypto exchanges should trade and hold pure digital commodities like Bitcoin.
Per his suggestion, any coin that uses staking or uses the proof-of-stake (PoS) mechanism is digital security.
BTC is currently trading at $28,941.39 and has fallen by 0.7 percent in the last seven days.
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