The Takeaway Today’s Morning Brief
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- Insights and information about the latest news and updates on cryptocurrency
- Analysis of the standards set by bitcoin bulls, with a focus on Michael Saylor’s unique approach
- Details on MicroStrategy’s recent offering of convertible debt to fund their bitcoin purchase
- Interviews and perspectives from industry experts, including Saylor and Scott Melker
- Updates on the market’s pricing of MicroStrategy’s stock compared to the price of bitcoin itself
- Information on the latest business and financial news from Yahoo Finance
Michael Saylor, the executive chairman of MicroStrategy, has gained attention for his prophetic pronouncements and quasi-mystical bitcoin memes. His company now holds 205,000 bitcoins (~$14.5 billion) and he has spearheaded their transition into a bitcoin proxy. To fund their most recent bitcoin purchase, MicroStrategy has announced an offering of convertible debt.
Saylor believes that bitcoin is the “apex property” and the best investment asset, and has no plans to sell it. He sees it as a permanent investment, similar to how fellow bitcoin bull Scott Melker plans to keep his bitcoins until he passes them on to his children. While this strategy seems to be paying off for MicroStrategy, it may not be practical for the average investor who has bills to pay.
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The market is currently pricing in a 90% premium to MicroStrategy’s stock compared to the price of bitcoin itself. While this may not be a logical strategy for most investors, it has led TD Cowen analyst Lance Vitanza to set a price target of $1,560 on the company’s shares.
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