MicroStrategy Stock Is Moving Higher Monday: What's Going On?

MicroStrategy Inc MSTR shares are trading higher Monday as Bitcoin BTC/USD rises after former President Donald Trump advocated for crypto at the Bitcoin Conference over the weekend.

What Happened: Several crypto-related stocks are moving higher Monday after Trump, the current Republican presidential nominee, vowed to make America the world leader in bitcoin and move a majority of bitcoin mining to the U.S.

Trump said if he’s elected, he would make the U.S. the “bitcoin superpower of the world." He further suggested that he wants to create a national bitcoin "stockpile" to allow bitcoin to serve as a permanent national asset.

“For too long our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” Trump said at the conference.

“This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world, and we’ll get it done.”

MicroStrategy executive chair Michael Saylor also spoke at the conference over the weekend. The bitcoin bull laid out an investment thesis for bitcoin that showed that he believes bitcoin can reach $13 million per coin in the year 2045. In a bear case scenario, bitcoin would be around $3 million in 2045, but in a bull case scenario, bitcoin could be worth as much as $49 million per coin, he said.

Check This Out: If Michael Saylor’s $13M Forecast For Bitcoin In 2045 Comes True, BTC Market Cap Will Be Bigger Than Combined GDP Of Top 10 Countries, But How Likely Is It?

MicroStrategy is a business intelligence, mobile software and cloud-based services company, focused on accumulating bitcoin. The company held 226,331 bitcoin as of June 20.

MicroStrategy will report financial results for the second quarter after the market close on Aug. 1. The company is expected to report a loss of $1.10 per share and quarterly revenue of $122.6 million, according to estimates from Benzinga Pro. MicroStrategy will also enact a 10-for-1 stock split by means of a dividend to holders of record as of the market close on Aug. 1. MicroStrategy stock is expected to begin trading on a split-adjusted basis at the market open on Aug. 8.

MSTR Price Action: MicroStrategy shares were up 4.41% at $1,829.99 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.