MicroStrategy lost more than $ 700,000 in bitcoin

Software maker MicroStrategy remains the largest investor in BTC among financial giants. However, in the third quarter of 2022, the firm’s bitcoin reserves showed a loss of $ 727,000. The total cryptocurrency losses of the tech giant amounted to $ 93.9 million, which is 39.5% less than in the third quarter of 2021. It is worth noting that in the second quarter of 2022, MicroStrategy lost $ 918 million on bitcoin depreciation.

MicroStrategy was not the only crypto giant to say goodbye to a large amount of digital currency. Last quarter, Tesla sold 75% of its bitcoin assets to cash out. The remaining crypto stocks of Elon Musk’s company showed an operating loss of $ 170 million in the third quarter. Currently, the company’s balance sheet includes $ 218 million worth of CTC.

Earlier, Michael Saylor, the chairman of the Investment Committee, former head of MicroStrategy, and the biggest bitcoin fan, openly opposed national cryptocurrencies. The BTC adherent is still confident that the flagship digital asset will become the best form of money. The MicroStrategy exec suggested that in the next four years, the rate of the first cryptocurrency will exceed the all-time high (ATH) of $ 69,000 reached in November 2021. According to the entrepreneur’s forecast, in the next decade, bitcoin will already be trading at $ 500,000 per coin, provided that its market capitalization is equal to gold.