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Highlights
- Michael Saylor has confirmed MicroStrategy will keep buying Bitcoin
- The firm started buying BTC since August 2020
- The firm is pivoting to a Bitcoin development company
Michael Saylor, the outspoken advocate for Bitcoin (BTC) and Chairman of MicroStrategy Incorporated has once again reaffirmed his commitment to the world’s leading cryptocurrency. In a recent interview on Bloomberg TV, Micheal Saylor declared his readiness to continue buying Bitcoin indefinitely, expressing his bullish stance on the digital assets’s prospects.
Michael Saylor and the Bitcoin Support
Likewise, Saylor highlighted the impact of the Michael Saylor is Ready to Keep “Buying Bitcoin Forever” (ETFs), likening it to a rising tide that would elevate the entire cryptocurrency market. Saylor’s unwavering confidence in Bitcoin stems from his belief in its store of value properties and its potential to serve as a hedge against inflation.
Since MicroStrategy’s initial investment in Bitcoin in 2020, Saylor has been an ardent supporter of the cryptocurrency, advocating for its adoption by institutions and corporations as a treasury reserve asset. His dedication to accumulating Bitcoin has made MicroStrategy one of the largest corporate holders of the digital currency.
Michael Saylor highlighted that Bitcoin is a strong asset and not a company. In his words,
“Bitcoin is superior as such, there is no reason to sell the superior to buy the losers.”
Beyond this bullish stance, Saylor emphasized the significance of spot Bitcoin ETFs which would enable investors to gain exposure to the cryptocurrency without having to directly purchase and own it.
In addition, he said the approval could catalyze further institutional adoption and drive significant capital inflows into Bitcoin and other digital assets.
MicroStrategy’s Bitcoin Stance
In January alone, MicroStrategy got its hands on 850 Bitcoin worth $37.5 million to double down on its acquisition agenda.
This was also highlighted in the company’s fourth-quarter earnings for 2023, committing to move further into buying more Bitcoin. In addition, the Q4 2023 Earnings presented that MicroStrategy acquired 31,755 bitcoins since the end of Q3 for $1,25 billion, or $39,411 per bitcoin. By February 5, the firm had gathered 190,000 Bitcoins at the cost of $5.93 billion.
MicroStrategy Executive Chair Michael Saylor says the approval of spot Bitcoin ETFs is “a rising tide that is going to lift all boats” https://t.co/0X0Pcz9N8S pic.twitter.com/jA1KxQEDAW
— Bloomberg TV (@BloombergTV) February 20, 2024
The company revealed a net income of $89.1 million contrast to its loss of $249.7 million in 2022. With the impressive comeback, the company revenues are at $124.5 million, since the adoption of the Bitcoin strategy, MicroStrategy has outperformed all major asset classes.
Related to that Michael Saylor said 2024 is the year of birth of Bitcoin as an institutional-grade asset class. He referred to Bitcoin as the first and only asset class of the modern era as Gold is an outdated not a new asset. To properly align with the Bitcoin growth agenda, Michael Saylor has unveiled the pivot of the company as a Bitcoin Development Company.
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