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Title: Adam Back says MicroStrategy (MSTR) is “stupidly cheap”
Adam Back, a renowned cryptocurrency expert and co-inventor of the SHA-256 encryption algorithm used in Bitcoin’s blockchain, has shared his thoughts on the current state of the crypto market. In an exclusive interview with U.Today, he emphasized that MicroStrategy (MSTR), a business intelligence firm, is undervalued at its current price.
According to Back, MSTR shares are “stupidly cheap” due to the company’s decision to invest heavily in Bitcoin (BTC). The expert believes that investors who understand the value of the digital currency will eventually recognize the worth of MicroStrategy and cause a surge in its share price.
As reported earlier, MicroStrategy has been aggressively buying up BTC since 2020, resulting in significant gains for the firm. Adam Back seems to agree with this strategy, stating that “MicroStrategy is not stupidly cheap because they’re not holding any other assets.”
He further emphasized that while he prefers a decentralized investment approach, which allows him to have control over his funds and timing of investments, some investors might appreciate the simplicity and ease of investing in MicroStrategy.
Back acknowledged the high risks associated with Bitcoin’s extreme price fluctuations, but stressed that this also means there is immense potential for growth. He encouraged cautious investors to consider alternative options like MSTR as a way to indirectly invest in cryptocurrency without having to buy and hold it directly.
In conclusion, Adam Back believes that MicroStrategy’s shares are undervalued due to the company’s strong commitment to investing in Bitcoin.
Source: u.today
