Bloomberg: New accounting system may turn MicroStrategy profitable next year

Odaily Odaily News: MicroStrategy's stock performance in the past two years has outperformed almost all large U.S. stocks. Its co-founder and chairman Michael Saylor's unconventional decision to buy Bitcoin four years ago to offset inflation has driven a gain of more than 1,700%. MicroStrategy has shifted from using cash flow to issuing convertible notes to buy Bitcoin, and plans to explore other ways to fund more purchases. Saylor said he basically borrowed money at an interest rate of 1% to buy Bitcoin. Bloomberg expects that next year's new accounting system will turn the loss-making MicroStrategy into a profit, as Bitcoin assets will be revalued at market value, which may result in the company's net profit of $2 billion next year, compared with a loss of about $200 million this year. (Bloomberg)