Michael Saylor shared a news report on X, which highlights that his Bitcoin (BTC) purchase strategy is “exploding” globally. It inspired other companies worldwide to also add Bitcoin to their balance sheets, including Metaplanet and Gamestop. However, Saylor seems to have intentionally ignored the part that Wall Street is skeptical about the idea.
The founder started this trend in 2020 and has even lifted his company, Strategy, formerly known as MicroStrategy, to a market value exceeding $80 billion. Now, this trend is being followed by stock companies, media firms, and multinational corporations, except Wall Street, according to a report from CNBC.
Earlier this week, Trump Media announced plans to raise $2.5 billion to purchase Bitcoin by selling new shares and convertible bonds, while GameStop bought over $500 million worth of Bitcoin after reportedly seeking ways to diversify its assets.
This might be good news for the crypto space but the stock market reacted negatively, with Trump Media shares dropping over 20% and GameStop’s shares falling nearly 17%. Meanwhile, Strategy’s stock has grown 26 times since the end of 2022. The company’s Bitcoin stake is now worth over $60 billion.
In a recent interview with CNBC at the Bitcoin Conference, Saylor praised Trump Media for following the move. He said it was “Incredible, courageous, and aggressive,” He also said this surge in companies adopting Bitcoin will create a shift in corporate finance.
“Everywhere I go at this conference, someone says, you know, I’m working on a bitcoin treasury company in Hong Kong. I’m doing this thing in Korea. I’ve got this thing I’m working on in Abu Dhabi. We’re going to do this in the Middle East, you know, we’ve got this in the U.K. There’s an explosion of interest right now,” Saylor said.
Meanwhile, not all companies see to the idea. In fact, there are firms that are even more skeptical than Wall Street. Yesterday, Meta rejected a proposal to add Bitcoin to its treasury. Unfortunately, its shareholders voted down the proposal citing that the company already has a treasury framework that focuses on capital preservation and liquidity.
Microsoft also said no to the idea last year after Sayor tried to pitch a proposal to the tech company. Saylor said Microsoft could diversify a portion of its cash reserve which is estimated at $78.4 billion into Bitcoin. The shareholders were not pleased with the idea, but Saylor still remains confident on BTC’s future.
During the interview with CNBC, Saylor said that the short-term stock drops seen with Trump Media and GameStop are linked to their financing methods, not doubts about Bitcoin’s value.
“We’ll keep buying Bitcoin. We expect the price of bitcoin will keep going up. We think it will get exponentially harder to buy bitcoin, but we will work exponentially more efficiently to buy Bitcoin.” Saylor said.
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