MicroStrategy CEO: PayPal’s entry into the encryption field “legitimates” Bitcoin

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MicroStrategy CEO Michael Saylor emphasized the significance of PayPal’s initiatives in the Bitcoin field during the company’s third quarter earnings conference call.

At the meeting, Saylor discussed the company’s Bitcoin holdings. He emphasized that PayPal’s introduction of encrypted transactions and Square’s purchase of $50 million in Bitcoin have promoted the “legalization” of Bitcoin.

He mentioned, “Square has provided support for the development and promotion of Bitcoin. In fact, it is a big thing to include Bitcoin on the balance sheet. The support of Square’s Cash App is a big thing. Now PayPal has announced that they will be in This is done in the PayPal app. When PayPal launches this service at Venmo next year, I think it will be a huge benefit.”

According to an earlier report by “Beijing”, PayPal recently announced that it will introduce cryptocurrency buying and selling functions and plans to acquire crypto company BitGo, while Square invested $50 million in Bitcoin. Saylor previously called this move “unusual.”

He also stated that he has repeatedly described Bitcoin as “digital gold”, which is different from his view of cryptocurrency in 2013, when he said that the “doomsday of Bitcoin is not far away.”

Saylor also emphasized the importance of a fixed supply of Bitcoin, in his opinion, how this will promote the mass adoption of Bitcoin.

He mentioned, “It’s a great idea to be able to store money and energy for a long time without being depleted. As more and more entities begin to understand this idea, it’s a pretty attractive idea. I think Bitcoin The number of applications will increase.”

During the earnings conference call, MicroStrategy President and Chief Financial Officer Phong Le revealed that the company purchased approximately 38,250 bitcoins during the quarter for a total price of $425 million. The company will continue to buy.

Le said, “According to our reserve policy, we will buy more bitcoins because we generate more cash than needed for daily operations or for other corporate purposes.”

He also emphasized his optimistic view of Bitcoin. He pointed out, “The market’s response to our non-traditional national debt strategy has made us satisfied. We believe that our Bitcoin holdings can provide investors with a more stable asset, an asset with greater return potential than cash. .”

According to a report by “Betwee” earlier on Wednesday, Saylor tweeted that he personally holds 17,732 bitcoins, which are currently worth more than 235 million U.S. dollars. He bought the bitcoins at an average price of 9,882 U.S. dollars (total cost approximately 175 million U.S. dollars). currency. Before the company decided to buy bitcoin, Saylor had informed the company of its personal holdings.

Author Liang Che

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