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Despite a 40% drop in the value of Bitcoin (
$81,004.00 ) (BTC), MicroStrategy’s Michael Saylor has no intention of selling his firm’s $5 billion stash.
Even if BTC suffers a lengthy bear market, Saylor told Bloomberg that he is a “ Bitcoin ( $81,004.00 ) bull,” and he does not intend to alter MicroStrategy’s multibillion-dollar BTC acquisition plan. He took a firm stance against cashing out BTC:
“Never. No. We’re not sellers. We’re only acquiring and holding Bitcoin ( $81,004.00 ) , right? That’s our strategy.”
This current crypto winter doesn’t have Michael Saylor feeling all that cold. He tells @emilychangtv why in Studio 1.0 https://t.co/EsUlY5sscN pic.twitter.com/zWStdl5qsF
— Bloomberg TV (@BloombergTV) January 20, 2022
MicroStrategy became the first publicly listed corporation in the United States to acquire and hold Bitcoin ( $81,004.00 ) as part of its balance sheet in Aug. 2020. Since then, the business software manufacturer has amassed about 124,391 BTC worth about $5.2 billion at current market prices.
Due to the large portion of their balance sheet being taken up by cryptocurrency, the company’s shares have turned into a means to get exposure to the ‘digital gold.’ After announcing its venture into BTC, Microstrategy’s stock skyrocketed 900% at one time, however, recently its collateral went into a tailspin after being exposed to excessive buying events financed in part with borrowed funds.
Since August 2020, MicroStrategy has continuously boosted its Bitcoin ( $81,004.00 ) position, keeping its promise to purchase even more of the major digital currency. Late last year, Microstrategy bought 1,914 BTC between Dec. 9 and Dec. 29 for $94.2 million, bringing its total to 124,391 BTC.
Related: Billionaire investor Bill Miller puts 50% of net worth in Bitcoin ( $81,004.00 )
Despite the recent market sell-off, MicroStrategy’s CEO still considers BTC one of the best inflation hedges and alternatives for stock buyback events. Saylor dismissed any concerns about the cryptocurrency’s decline from its all-time high of $69,000 in November to less than $40,000 this month, stating that because inflation is so high, the company’s assets are actually a source of “great comfort.”
Saylor, who previously branded cash a “melting ice cube,” anticipates more Wall Street names will buy BTC at current prices, describing it as “a great entry point for institutional investors.”
