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MicroStrategy’s New CEO Supports Decision to Keep Bitcoin in the Balance Sheet

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Today’s Cryptocurrency Headline

MicroStrategy’s new CEO, Phong Le, said at the Canaccord Genuity conference on Tuesday that he supports Michael Saylor’s decision to keep bitcoin in the company’s balance sheet. Before first purchasing Bitcoin in August 2020, MicroStrategy considered purchasing Treasurys, corporate bonds, gold, commodities, real estates, and even artworks. Le said the bitcoin strategy has boosted shares and trading volume and helped MicroStrategy make a transition from solely being a “sleepy software company.” The company now owns about 129,000 bitcoins, or nearly $3 billion worth at the current price of $23,000.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The U.S consumer price index (CPI) fell to 8.5% in July from 9.1% in June, according to the latest release from the Bureau of Labor Statistics on Wednesday. Bitcoin is up 7.02% over the last 24 hours and rose to an intraday high of $24,499.00. The cryptocurrency market surged alongside the traditional equity market as the actual CPI is slightly below the 8.7% expectation. The probability of the Fed raising rates by 75 basis points by September has been significantly reduced to 42.5%, according to the CME FedWatch Tool. For now, the bulls will attempt to push the price above the overhead resistance at $24,668. If they succeed, the BTC/USDT pair could pick up momentum and rally to $28,000.

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