MicroStrategy’s Michael Saylor recently told Bloomberg TV that he’s sticking with Bitcoin as his ultimate plan, considering it the best ‘exit strategy.’ He’s not looking to sell any of the company’s 190,000 bitcoins, which were bought at an average price of $31,224 each.
With Bitcoin’s current value around $52,275.60, their holdings are worth about $10 billion, netting a profit of $4 billion. Saylor believes Bitcoin surpasses traditional assets like gold, real estate, and the S&P index.
MicroStrategy’s Ongoing Bitcoin Acquisition Strategy
During the Bloomberg TV interview, Michael Saylor reiterated his commitment to continuously acquire Bitcoin, expressing his belief in its store of value properties and its potential as a hedge against inflation.
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
MicroStrategy embarked on its Bitcoin accumulation journey in August 2020 and has since consistently increased its portfolio. A recent purchase of 850 BTC for $37.5 million exemplifies Saylor’s dedication, with a cost basis of $31,464.74 and an unrealized profit of $3.505 billion.
In a bold move, MicroStrategy rebranded itself as a “bitcoin development company” in its fourth-quarter (Q4 2023) earnings report, emphasizing its unwavering commitment to Bitcoin.
MicroStrategy shares have surged 11.8% year-to-date, reflecting investor confidence in Saylor’s strategic approach. Saylor stated, “We will develop software, generate cash flow, leverage the capital markets, all to accumulate more Bitcoin.”
MicroStrategy’s Remarkable Share Price Surge
MicroStrategy’s share price has experienced an impressive 466% surge since August 2020, surpassing major assets such as the S&P 500, Nasdaq, and even Bitcoin stocks. This success underscores Michael Saylor’s steadfast commitment to bulk purchasing Bitcoin, despite initial skepticism. Saylor emphasizes his belief, stating, “There’s just no reason to sell the winner and to buy the losers.”
Saylor highlights the role of ETFs in facilitating the digital transformation of capital, asserting, “The ETFs are facilitating the digital transformation of capital.” He anticipates significant capital inflows into Bitcoin and other digital assets with the approval of spot ETFs, potentially driving further institutional adoption.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
