Despite the fact that the value of Bitcoin (BTC) has dropped by 40%, MicroStrategy’s Michael Saylor has no plans to sell his $5 billion holdings. Despite the fact that BTC has been in a protracted bear market, Saylor told Bloomberg that he remains a “Bitcoin bull” and that MicroStrategy’s multibillion-dollar BTC purchase strategy would not be altered. He was adamant about not selling BTC:
“Never. No. We’re not sellers. We’re just acquiring and holding Bitcoin, right? That’s our strategy.”
— Bloomberg TV (@BloombergTV) January 20, 2022
In August 2020, MicroStrategy became the first publicly listed company in the United States to purchase and store Bitcoin on its balance sheet. Since then, the company has amassed a total of 124,391 BTC valued at roughly $USD. At current market pricing, it’s worth $5.2 billion. Because cryptocurrencies account for such a substantial portion of the company’s balance sheet, its stock has become a way to invest in “digital gold.” MicroStrategy’s stock rose 900 percent when the company announced its BTC endeavor; nevertheless, its collateral subsequently fell into a spiral after being exposed to overbuying events sponsored in part with borrowed cash. People like Michael Saylor are holding onto their bitcoin, check out this Bitcoin prediction to know why investors still believes in the crypto.
MicroStrategy has steadily raised its holdings in Bitcoin since August 2020, fulfilling its commitment to acquire even more of the top digital currency. MicroStrategy purchased 1,914 bitcoins for $94.2 million between December 9 and 29, boosting its total to 124,391 bitcoins. Despite the current market downturn, Saylor still sees Bitcoin as one of the strongest inflation hedges and options for share buybacks. He dismissed worries over the cryptocurrency’s drop from an all-time high of $69,000 in November to below $40,000 this month, claiming that the company’s assets are really a source of “huge money” due to excessive inflation. Saylor, who previously referred to bitcoin as a “molten ice cube,” believes that at present pricing, more Wall Street names would buy it, calling it “a wonderful entry opportunity for institutional investors.”