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Michael Saylor Commits to Perpetual Bitcoin Purchase, Citing No Reason to Sell the Leading Cryptocurrency
Michael Saylor, CEO of MicroStrategy, has vowed to continue buying Bitcoin indefinitely, asserting that there is no justification to part with the current market leader.
Saylor revealed that he has no intentions of selling Bitcoin, even as MicroStrategy’s Bitcoin holdings have surged in value to nearly $4 billion.
“I will continue to purchase Bitcoin at its peak. Bitcoin is our ultimate exit strategy,” Saylor declared in an interview with Bloomberg on Feb. 20, affirming his commitment to holding the company’s impressive 190,000 BTC reserve.
Highlighting his steadfast support for Bitcoin, Saylor argued that the cryptocurrency outshines gold, the S&P 500, and real estate in terms of technical superiority, despite their larger market capitalization compared to Bitcoin’s $1 trillion market value.
“We anticipate a continued shift of capital from these asset classes into Bitcoin,” stated Saylor. “Given Bitcoin’s technical advantage over these assets, there is simply no rationale for selling the current leader to invest in underperforming assets.”
MicroStrategy, renowned for being the pioneering publicly traded company to integrate Bitcoin into its financial strategy in 2020, acquired its 190,000 BTC holdings at an average price of $31,224 per BTC, amounting to a total investment of $5.93 billion as of Q4 2023.
Data from HODL15Capital reveals that United States-based spot Bitcoin exchange-traded funds (excluding the Grayscale Bitcoin Trust) collectively hold an estimated 270,000 BTC as of Feb. 16.
Michael Saylor to forever buy Bitcoin — ‘no reason to sell the winner’
Michael Saylor has no plans to sell Bitcoin even as the holdings of his company MicroStrategy have swelled to reach an unrealized profit just shy of $4 billion.
“I’m going to be buying the top forever. Bitcoin is the exit strategy,” Saylor said, speaking to Bloomberg on Feb. 20 when asked if his firm would sell its 190,000 BTC stash — worth around $9.88 billion at current prices.
Outlining his bullish case for Bitcoin, Saylor claimed the cryptocurrency is “technically superior” to gold, the S&P 500, and real estate, despite each of those asset classes having a far greater market capitalization compared to Bitcoin’s $1 trillion.
“We believe capital is going to keep flowing from those asset classes into Bitcoin,” he said.
“Bitcoin is technically superior to those asset classes. And that being the case, there’s just no reason to sell the winner to buy the losers.”
MicroStrategy, a business intelligence software firm, became the first publicly traded company to start scooping up Bitcoin in 2020. The 190,000 BTC it held as of Q4 2023 cost it an average of $31,224 each BTC — a total cost of $5.93 billion.
United States-based spot Bitcoin exchange-traded funds (ETFs), excluding the Grayscale Bitcoin Trust (GBTC), hold an estimated 270,000 BTC as of Friday, Feb. 16, per HODL15Capital data.
