MicroStrategy On Crypto Adoption: Bitcoin Is Exploding

It’s been just revealed that the important bull firm MicroStrategy just addressed the mass adoption of Bitcoin and the rise in its investor base. Check out the latest reports below.

It’s been revealed that the analytics software company Microstrategy says its Bitcoin (BTC) impairment charge in Q3 of 2022 only amounts to $700,000. This is less than the $65 million charged during the same period last year.

At the firm’s latest earnings call, Microstrategy senior executive vice president and chief financial officer Andrew Kang made sure to highlight the fact that the company incurred nominal impairment charges due to Bitcoin’s stable price during the quarter.

“The Bitcoin volatility as measured by the one-month realized volatility fell below that of the major equity indices such as the S&P 500 and NASDAQ this past quarter.”

Just to refresh your memory, BTC was hovering between $19,000 and $23,000 last quarter. BTC is trading for $20,608 at time of writing.

“During the quarter, Bitcoin prices remained above our carrying value, low watermark of approximately $17,600 – and as a result, we saw a minimal digital asset impairment charge in Q3.”

Kang also stated the fact that the firm sees Bitcoin’s price movement as an indicator that the top coin is drawing more mature investors.

“We view this recent market shift as a possible signal that Bitcoin’s investor base and institutional adoption is continuing to mature, making it more suitable and accepted by traditional market participants.”

An analyst from Bloomberg is addressing the prices of Bitcoin and Ethereum. Here’s what he has to say about the most important coins in the crypto market.

Bloomberg Intelligence’s senior commodity strategist Mike McGlone seems to be bullish on the top two largest coins by market cap.

McGlone says in a new interview that the declining supply of Bitcoin (BTC) and Ethereum (ETH) amidst the growing adoption will lead to price appreciation for the digital assets.

Check out our previous article to learn more issues.