According to new data, some sales sectors increased by more than 50% in Q1 2021 relative to the same period last year.
According to the latest estimates, MicroStrategy, which holds over 91,000 Bitcoin (BTC), saw a massive increase in sales in Q1.
CEO Michael Saylor announced in a press release on April 30 that the company’s growth had gone well beyond Bitcoin earnings.
Holding BTC creates “substantial value,” according to Saylor.
MicroStrategy’s flatly optimistic outlook on Bitcoin and its prospects has continued to make headlines, with the firm contributing to its reserves regardless of opinion or price.
Its lobbying seems to have endeared it to a new set of customers, as sales of its goods and services have increased nine months since it began converting its cash reserves to BTC.
“Product licenses and subscription services revenues for the first quarter of 2021 were $31.3 million, a 52.3% increase, or a 49.8% increase on a non-GAAP constant currency basis, compared to the first quarter of 2020,”according to the press release.
Total sales for the first quarter of 2020 were just over $122 million, up 10.3 percent from the previous year.
“MicroStrategy’s first-quarter results were a clear example that our two-pronged corporate strategy to grow our enterprise analytics software business and acquire and hold bitcoin is generating substantial shareholder value,”Saylor shared
He mentioned that the company was “still pleased” with its approach to BTC acquisition, adding that it would be adding to the company’s already sizable reserves.
“We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders,”
As Cointelegraph reported, the company’s stock price has experienced volatility this year, which has echoed Bitcoin’s price discovery.
Bulls have “nothing to worry about.”
The numbers are a familiar boon for Bitcoin bulls, who have been left hanging this week as rumors of significant corporate buy-ins from the likes of Facebook went unsubstantiated.
This, combined with equally familiar ranging price action, has hit enthusiasm in some quarters, while analysts argue that there is nothing to be bearish about.
The figures are a welcome relief for Bitcoin bulls, who have been left dangling this week after rumors about big corporate buy-ins by companies like Facebook went unsubstantiated.
This, along with the well-known ranging market activity, has dampened anticipation in some quarters, although analysts contend that little needs to be bearish.
“So far, Bitcoin has performed admirably. There’s still nothing to be concerned about. “On Thursday, famous trader Michael van de Poppe summarized to Twitter followers.
As altcoins continued to fuel their gains, an accompanying map highlighted resistance starting at $55,000 for the most prominent cryptocurrency to conquer.
BTC/USD was trading around $54,700 at the time of publishing, having come full circle over the previous 24 hours, which saw a decline to $53,000.