Bitcoin, Micro Strategy, Dave Wilson discussed on Balance of Power

Automatic TRANSCRIPT

Bitcoin higher helping software company micro strategy which has a lot of crypto on its balance sheet And here with that really interesting story is stocks editor Dave Wilson Yeah absolutely What's front and center here is the idea of the first Bitcoin futures exchange traded funds And the keyword is futures because they're going to be tied to contracts that are already listed They've been out there since the end of 2017 And so when you have that kind of development I mean you see cryptocurrency move higher Bitcoin just above $60,000 today Now the question then becomes who stands the benefit and the biggest beneficiary really is micro strategy Start out as a business software maker in the past year and a half or so They have really become a Bitcoin investor In fact their CEO Michael sailor had a tweet out today say Bitcoin is the new gold And they've certainly kind of served their business that way In fact you know they spend a bit more than $3 billion on the currency they even borrow the buy some And they've made more than three and a half $1 billion on that investment In fact it's close to half this company's market value can be traced back to its Bitcoin holdings So it really has been a beneficiary Other companies are certainly going that route None of them is aggressively as Michael strategy though so none of them stand a benefit quite so much from this move into Bitcoin ETFs specifically the Bitcoin futures ETFs and the effect on that digital currency Yeah who needs to sell software after all Thank you so much to Dave Wilson for that report Coming up we get the latest.

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