- Michael Saylor, CEO of MicroStrategy, announced that the company has purchased an additional 480 BTC to hold its vault.
- The company currently holds a total of 129,699 BTC with a total cost base of $3.8 billion.
- Saylor recently provided a list of 10 things bitcoin needs to become a stronger asset.
Michael Saylor, CEO of Bitcoin investment firm MicroStrategy, announced the company purchased an additional 480 BTC for $10 million, with an average cost of $20,817 per bitcoin.
The software analytics firm currently holds 129,699 BTC with an average price of $30,664 – note the $3.8 billion cost base. However, the current bitcoin holdings in Microstrategy’s coffers are valued at $2.5 billion.
The CEO was fired at the end of the year for his fervent support of bitcoin as its price fell amid the contagion that is currently choking the broader market. Saylor recently did an interview with Bloomberg where he discusses bitcoin in a general sense, but also notes list of 10 requests bitcoin needs to become a stronger asset over the next decade.
Indeed, one might mistakenly believe that his list of claims shows a lack of confidence in bitcoin as an asset, should it need to become stronger over time. This is not the case, however, as Saylor is building an institutional use case that will boost market capitalization through clearer regulation, not technological innovation. Furthermore, the CEO clarified that while bitcoin may gain greater institutional adoption within the decade, it is still the best performing asset the company could choose.
Saylor explains in the interview. “On August 10, 2020 when we announced our $250 million bitcoin purchase, bitcoin has since grown by 72%.”
Additionally, Saylor offers returns on other typical long-term assets, including: NASDAQ (-2%), gold (-9%), S&P 500 (+9%) and homes for one family (+26%).
Following a list of bitcoin assets that have outperformed since their first purchase, Saylor concluded her thoughts in the interview by saying:
Saylor concludes: “The bottom line is that the bitcoin strategy is 10 times better than any other alternative. “So, no. I do not regret “.
Really, one thing can be said about a consistent bitcoin buyback from MIcroStrategy: It’s been a long-term strategy spanning the past decade, and neither Saylor nor the company seem to regret it.