Bitcoin’s Plummet Is No Matter to MicroStrategy

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The recent plum­met­ing val­ue of bit­coin hasn’t changed the approach MicroS­trat­e­gy is tak­ing toward its hold­ings, accord­ing to media reports on Thurs­day (May 19).

While there has been a sell-off fren­zy amid recent volatile bit­coin prices, the soft­ware firm is not plan­ning to unload any of its bit­coin hold­ings, MicroStrategy’s new Chief Finan­cial Offi­cer Andrew Kang told Bloomberg.

Kang was hired ear­li­er this month. The com­pa­ny said last month that it would offer employ­ees the option to invest their 401(k) funds in bit­coin. Kang was pre­vi­ous­ly CFO of home improve­ment lender Green­Sky, PYMNTS reported.

See also: Today in Cryp­to: MicroS­trat­e­gy Hires Green­Sky CFO as Its Finan­cial Chief

MicroS­trat­e­gy joins Block and Tes­la among the few busi­ness­es with sub­stan­tial bit­coin hold­ings. MicroS­trat­e­gy has pur­chased 129,000 bit­coins with no plans to sell any, Kang said.

“There’s no price tar­get,” MicroS­trat­e­gy CEO Michael Say­lor told Yahoo Finance Live. “I expect we’ll be buy­ing bit­coin at the local top for­ev­er. And I expect bit­coin is going to go into the mil­lions. So we’re very patient. We think it’s the future of money.

“Once peo­ple fig­ure out why bit­coin is supe­ri­or to every­thing else, then the insti­tu­tions are going to come in with large sums of mon­ey, and we’re not going to have to strug­gle through this mas­sive expla­na­tion of why we’re dif­fer­ent than 19,000 oth­er cryp­to tokens,” Say­lor said.

Because most cryp­tocur­ren­cies aren’t reg­is­tered secu­ri­ties, that puts up a wall that can scare away poten­tial investors and hold back the over­all asset class, Say­lor added.

Read more: New Data Shows Near­ly 80% of Cryp­to Con­sumers Use Bit­coin to Pay Online and In-Store

Almost 8 in 10 cryp­to con­sumers have used bit­coin to shop online or in-store, PYMNTS report­ed, and 41.2 mil­lion peo­ple now own at least one type of cryp­tocur­ren­cy. PYMNTS research finds while rough­ly half of the con­sumers who own cryp­tocur­ren­cy use it as an invest­ment, near­ly one-third of con­sumers who hold or have held cryp­tocur­ren­cy in the last 12 months say they would switch mer­chants if it meant they could pay with cryptocurrency.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shop­pers who have store cards use them for 87% of all eli­gi­ble pur­chas­es — but this doesn’t mean retail­ers should boot buy now, pay lat­er (BNPL) options from check­out. The Truth About BNPL And Store Cards, a PYMNTS and Pay­Pal col­lab­o­ra­tion, sur­veys 2,161 con­sumers to find out why pro­vid­ing both BNPL and store cards are key to help­ing mer­chants max­i­mize conversion.

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