Benzinga - Microstrategy Inc. CEO (NASDAQ:MSTR) Michael Saylor, a supporter of Bitcoin (CRYPTO: BTC), has emphasized Argentina’s need to embrace the digital currency as a solution to its economic woes.
What Happened: Saylor responded to a post by Tucker Carlson, former Fox Television Host personality, who embarked on an eye-opening journey to Argentina to caution Americans about the potential perils of "hyperinflation" and "reckless monetary policies."
The MicroStrategy CEO said, "Tucker travels far to discover why we need Bitcoin".
Hyperinflation and reckless monetary policy could soon devastate the global economy. We traveled to Argentina, where it's already happened," Carlson wrote to Twitter. "For politicians, money is power. They always crave more, but because they don't actually produce anything, they've got limited ways to get it," he said.
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Why It Matters: According to a report by investment bank Berenberg, MicroStrategy will soon be able to report its bitcoin (BTC) holdings quarterly without recognizing impairment losses in case the cryptocurrency’s price declines during the reporting period. This change in reporting requirements was voted upon by the Financial Accounting Standards Board (FASB).
During Q2, MicroStrategy increased its Bitcoin holdings and achieved a minor profit on them. The company acquired 12,800 tokens at a total cost of $361.4 million, with an average price of $28,233.
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