MicroStrategy exec says the firm will continuously buy Bitcoin but…

The Chief financial officer of Microstrategy shared the future Bitcoin buy plan despite the huge downfall in the crypto market. 

MicroStrategy is a business intelligence firm. Its CEO Michael Saylor is popularly known for his support of Bitcoin and its community. MicroStrategy is continuously buying Bitcoins since August 2020. 

Phong Le, Chief financial officer recently appeared in an interview with The Wall Street Journal. Through the interview, Phong confirmed that Microstrategy is not going to deviate from its path to buying more Bitcoins.

Phong le said that Microstrategy will continuously buy more and more Bitcoins. But at the same time, he said that due to a huge downfall in the prices of the crypto market, Bitcoin buy decisions may face some impact over 2021 Bitcoin purchases.

According to Microstrategy filing with the United States Securities and Exchange Commission (SEC), MicroStrategy currently holds a total of 124,391 Bitcoins in its balance sheet. 

Earlier, Phong penned a letter in September 2021 and stated that if any kind of loss in the Bitcoin holdings by Microstrategy will take place then in that situation Microstrategy could distract from its overall results. 

Since July 2021, Bitcoin’s price has reached a low with the current price of $35,700. So these figures are enough to put a negative factor on the mentality of Microstrategy to buy more Bitcoins rapidly. 

Besides all these factors, Phong noted that Microstrategy doesn’t have any plan to sell the  Bitcoin holdings and it will continuously buy more and more Bitcoins. And also Microstrategy is planning to buy Bitcoin-backed bonds from next year, however, it will also depend upon the market situation. 

Earlier this, Microstrategy CEO Micheal Saylor said that he is a Bitcoin bull and will never deviate from his pledge to make Microstrategy billions of bitcoin holding company.

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