On Friday (May 27), Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc. (NASDAQ: MSTR), shared his latest thoughts on Bitcoin.
It is worth remembering that on 11 August 2020, MicroStrategy announced via a press release that it had “purchased 21,454 bitcoins at an aggregate purchase price of $250 million” to use as a “primary treasury reserve asset.”
Saylor said at the time:
“Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program ― risks that should be addressed proactively.“
Since then MicroStrategy has continued to accumulate Bitcoin and its CEO has become one of Bitcoin’s most vocal advocates. MicroStrategy’s latest $BTC purchase, which Saylor tweeted about on April 5, means that the firm is now HODLing around 129,218 bitcoins, which were “acquired for ~$3.97 billion at an average price of ~$30,700 per bitcoin.”
Yesterday, once again, the MicroStrategy CEO confirmed that he remains as bullish as ever on Bitcoin despite the current bear market. His comments were made during an interview on Fox News show “Tucker Carlson Tonight”.
“Bitcoin is the most certain thing in a very uncertain world. In a market full of chaos and sound and fury, people need a safe place to stand apart from the intervention of a government, an agency, or corporation.
“So, Bitcoin represents a fair, open, equitable network with a very simple promise to anyone that wants to join, which is what you own is yours and no one’s going to take it away from you…
“In these markets right now, there’s no simple place to hide. All the indexes are in bear market territory. Bonds don’t represent a safe refuse because they’re currency derivatives. Stocks have to grow their cash flows faster than the inflation rate.
“But if you zoom out, two years since the beginning of the covet crisis, you notice the US money supply expanded 36%. Gold is up 7%. The S&P index is up 29%. The Nasdaq only up 19%. Bitcoin is up 229%. So, if you can stomach the volatility, you take the long view, you’ve got a safe haven there…
“Whenever I have some spare cash, we buy more Bitcoin. We’re taking a very very long view toward this. The network’s only getting better. Adoption is improving. Very constructive regulation is coming out of DC, and the Lightning Network is moving us closer to Satoshi’s promise of letting everybody in the world trade with each other at the speed of light in a fair and equitable fashion… I’ll be buying at the top forever… Bitcoin is an instrument of economic empowerment.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.