Michael Saylor, director of MicroStrategy, was interviewed by CNBC. He talked about the poor financial report, MicroStrategy’s unswerving Bitcoin strategy, and also responded to Charlie Monger’s recent attack on cryptocurrencies.
Stick to a long-term Bitcoin strategy
When asked about the book loss of Bitcoin in the Q4 financial report, Michael Saylor said that this was mainly caused by accounting issues. Their long-term strategy is still to buy and hold Bitcoin, while always maintaining high transparency and responsibility in their strategies.
The digital assets in MicroStrategy’s financial report have accumulated impairments of US$2.153 billion. However, judging from the previously recorded cost of buying coins, Microstrategy’s actual floating loss is approximately US$1 billion.
$34 million in tax savings
MicroStrategy sold Bitcoin for the first time last year to save taxes. This operation made the host curious, is there any plan to sell more Bitcoins in the future if necessary?
Michael Saylor pointed out that they had been looking for ways to take advantage of Bitcoin’s high volatility, and their operations at the time generated approximately $34 million in tax losses, which could offset the relative taxable gains.
He emphasized that similar operating opportunities may arise in the future, but micro-strategies will be implemented with caution and a responsible attitude.
Promote Lightning Network
Saylor mentioned that the Lightning Network is currently the most exciting thing in the field of digital currency. He described the Lightning Network as a second-layer network of Bitcoin and an open source protocol for fast and low-cost transfer of Bitcoins.
He believes that the Lightning Network is essentially like currency on the Internet Protocol (TCP/IP). The world has undergone drastic changes since the emergence of the Internet. Everyone transmits data and voice through Internet protocols, and the Lightning Network will be used in the future. It can provide real-time transactions for millions of businesses and billions of consumers.
He revealed that MicroStrategy is working on building a Bitcoin Lightning Network service for enterprise use, and plans to provide Bitcoin rewards to all potential users, such as integrating with airline mileage reward programs.
Today’s interview with @MorganLBrennan covered the success of @MicroStrategy, global adoption of#Bitcoinand #Lightning, the evolution of the crypto industry, and the digital transformation of money. pic.twitter.com/bEnLOVbpiJ
— Michael Saylor (@saylor) February 3, 2023
Response to Charlie Monger
Charlie Monger recently criticized cryptocurrencies again, calling on the United States to follow the CCP in imposing a complete blockade.
Saylor said that there are indeed thousands of cryptocurrencies that are no different from gambling. Although critics such as Charlie Monger are elite representatives of Western countries, they actually have no time to study cryptocurrencies and are constantly asked to comment on Bitcoin. Express your opinion.
he thinks:
If Charlie Monger were a business leader in Africa, Asia, and South America and spent a hundred hours studying Bitcoin, he would definitely be more bullish on Bitcoin than I am. I really think that these representatives of the Western elite don’t have time to study it carefully. I have never met anyone living in other countries who spent time studying but still has no interest in Bitcoin.
Charlie Monger writes in media: Why the U.S. should ban cryptocurrencies
This article Interview with Michael Saylor｜Does not rule out continuing to sell coins to save taxes in the future, responds to Charlie Monger’s criticism, first appeared on Chain News ABMedia.
