“The true face of God? It’s Satoshi! ” – This wolf of Wall Street is betting everything on Bitcoin… and scares the rating agencies!
Go or Break – Michael Saylor, CEO of MicroStrategy, has gone from crypto-enthusiast to maximalist Bitcoin (BTC) fanatic. This is not without worrying the rating agencies, who take a very dim view of this listed company doing “ALL-IN” on the king of cryptos like bitcoinera.eu .
Michael Saylor worshiping Satoshi Nakamoto
MicroStrategy is in the midst of a compulsive bitcoin (BTC) buying crisis. After repurchasing it again for $ 50 million in cash, the company even goes so far as to take on debt, issuing $ 550 million in bonds, to buy more and more bitcoin.
And its CEO, Michael Saylor, is pushing hard to continue its crypto-purchases.
“If God had to design digital gold in cyberspace, he would have designed Bitcoin (…) People who are aware of this know that God’s name is Satoshi [the creator of Bitcoin]. “
Michael Saylor, in an online interview with Changpeng Zaho, CEO of Binance.
Even if one would expect no less from someone who revealed to have bought just over 17,732 BTC ($ 328 million at current price) on his own account, his words might be getting a little too extreme.
MicroStrategy (MSTR) share rating is downgraded
“Extremist” is in any case what the rating agencies of listed stocks must think.
“MSTR’s bitcoin investment (…) presents additional risks (…) even though it has brought in $ 250 million (or $ 26 per share or + 20% compared to the share) since August 20 (…) ) While impressive, that number is paltry compared to the stock’s 172% return. In the current share price, our analysis suggests that the market is based on overly optimistic valuation scenarios (…) “
Tyler Radke, analyst at Citigroup quoted by the economic media Seeking Alpha
This, combined with the latest announcement of the issuance of new bonds to finance the purchase of bitcoin, is deemed too “aggressive.” MicroStrategy’s share price valuation therefore fell from “neutral” to “short” for Citigroup analysts.
This downgrading of its rating was not long in causing the MSTR share price to drop slightly, by around ten percent. Some people wonder about the potential profiteers of MicroStrategy’s board choices.
At the base mainly specialized in computer software, the choice of MicroStrategy to bet everything on Bitcoin is perceived as quite worrying on the side of traditional financial players. It would appear that Michael Saylor is moving beyond simply insuring Bitcoin as a store of value against the dollar, and is in the early stages of speculative madness.