Ready to Stand by! MicroStrategy's Q2 Report Can Strengthen BTC?

<p>&nbsp;"Hopefully the price of BTC will go up, what if it suddenly goes down?"</p><p><br /></p><p>US-based business intelligence company MicroStrategy, which is a staunch supporter of cryptocurrency, is set to report its second quarter financial results on August 1, 2023.</p><p><br /></p><p>As the world's largest institutional investor in BTC, investors will be keeping an eye on MicroStrategy's earnings statement which will reveal the amount of BTC it holds and forecasts for the next quarter.</p><p><br /></p><p>This is because encouraging statements are likely to push BTC from its current price and have a positive impact on the crypto market.</p><p><br /></p><p><br /></p><p>But in recent months, MicroStrategy's position as the market leader in crypto investing has been challenged by the entry of BlackRock and Citadel vying for spot BTC ETF approval.</p><p><br /></p><p>As such, the approval of the spot BTC ETF is expected to have a greater impact on the entire crypto market than MicroStrategy which is currently found to own as many as 152,333 of these digital assets.</p><p><br /></p><p>However, traders will look at MicroStrategy's earnings including revenue from its core business to predict how much BTC the company will buy in the coming months.</p><p><br /></p><p>According to Michael Saylor, the executive chairman and co-founder of MicroStrategy believes that the increase in the price of BTC will not only have a positive impact on his company's income, but its share price is also expected to continue to climb after rising 75.09% since the beginning of 2023.</p><p><br /></p><p>As of this writing, BTC price has plunged by 0.71% to $29,242 in the last 24 hours with a market cap of $568 billion but is still up 0.59% over the past week.</p>