U.Today

Hardcore Bitcoin supporter and advisor to El Salvador’s president, Max Keiser, made a stunning statement regarding MicroStrategy, the business intelligence company founded by Michael Saylor.

He claimed that the potential for MicroStrategy’s stock price growth is essentially limitless.

Keiser’s Mega-Bullish MSTR Prediction

Max Keiser believes that many seasoned financiers still fail to grasp the successful strategy employed by MicroStrategy and the reasons behind its skyrocketing stock price. He asserts that MicroStrategy’s stock “literally has no top.”

MicroStrategy Buys More Bitcoin

On Thursday, Saylor’s company announced the acquisition of an additional 169 BTC for $11.4 million in June. Currently, MicroStrategy holds a total of 226,500 Bitcoin, equivalent to approximately $14.66 billion at the current exchange rate. This purchase was disclosed on July 31, with the overall acquisition costing $8.3 billion at an average price of $36,821 per coin.

Despite a 6.5% drop in MSTR share price before disclosing its Q2 earnings, the stock has seen a 3x increase over the past year, while Bitcoin’s price has surged 2x in the same period.

Company Plans to Raise $2 Billion for More BTC

MicroStrategy reported a net loss of nearly $103 million (about $5.74 per share), compared to $22.2 million earned a year earlier ($1.52 per share). These losses included an impairment charge of $180.1 million on its Bitcoin holdings.

Earlier this year, MicroStrategy raised funds by offering debt to investors for additional Bitcoin purchases, initially raising $500 million and later increasing it to $700 million. Recently, the company plans to raise around $2 billion to further increase its Bitcoin holdings.

Michael Saylor also tweeted how Bitcoin has enabled MicroStrategy to surpass other tech companies significantly in share price.

This article was originally published on U.Today.