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The most recent run-up in Bitcoin price was a front running of any potential corporate BTC buy revealed by cloud services company Oracle during its quarterly earnings call yesterday.
When the call ended, crypto bulls expecting such a reveal were left with a dial tone, and bears stepped in pushing prices lower. However, one bestselling author and Bitcoin supporter says that the fact Oracle passed on BTC for now is still ultimately bullish for the cryptocurrency. Here’s why.
Earnings Call Bombshell: Oracle Skips Out On Buying BTC For Now
Yesterday, technology firm Oracle held its quarterly earnings call. During such calls, CEOs and other executives often reveal forward-looking plans to sustain growth.
It was speculated that the company could follow the lead of brands like MicroStrategy and Square Inc and would be revealing a substantial purchase of BTC to add to its corporate reserves.
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Instead, the call ended and the cryptocurrency community was left disappointed. Bitcoin sold off almost instantly, but has since recovered to retest yesterday’s highs.
Oracle shares also fell not because of the lack of a BTC purchase, but due to an overall lack of guidance.
At one point, Larry Ellison, Oracle’s co-founder, chairman and technology chief, is quoted as saying he was “not really ready to disclose our plans” related to other areas of the company’s growth.
Why This Is Still Bullish For Bitcoin, According To Price Of Tomorrow Author
One way to spark growth in Oracle, would be to directly purchase BTC as other corporations have done so in the last year.
The growth wouldn’t be tied directly to operating revenue, it would still greatly benefit the company’s cash position and in turn, shareholders.
MicroStrategy shares are up more than 1000% since a year ago, while Oracle has rebounded only 80% from the Black Thursday lows. Not that Bitcoin is the end-all, be-all savior for all companies, it has recently been one hell of a sure bet.
Comparing MSTR with ORCL and BTC shows how much growth crypto can bring | Source: BTCUSD on TradingView.com
The fact that Oracle has passed on BTC for now, is ultimately bullish for Bitcoin according to The Price of Tomorrow author Jeff Booth.
Booth’s bestseller focuses on the collapse of fiat money and the price the world will pay for the monetary expansion going on currently.
The setting is ideal for the cryptocurrency supporter, which Booth is himself. The reason he says it is so bullish for Bitcoin? It shows just “how early it still is” for the still young cryptocurrency.
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The nascent financial technology has only just begun to become widely adopted by institutions and corporations and as more companies come on, the risk associated with the emerging asset class is further reduced.
Perhaps that’s what Oracle is waiting for, or perhaps that’s what the plans were they were “not really ready” to reveal just yet.
Whatever it is, there’s no denying Booth’s statement that its still very early and the cryptocurrency’s reign is only just getting started.
Featured image from Deposit Photos, Charts from TradingView.com
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