TYSONS CORNER - MicroStrategy's Chief Executive Officer Michael Saylor has reiterated the company's unwavering commitment to Bitcoin, advocating for the cryptocurrency as an advantageous long-term investment compared to traditional assets. In a recent interview, Saylor spoke about the company's strategic focus on acquiring and holding Bitcoin, underscoring its performance over conventional asset classes.
Since the fall of 2020, MicroStrategy has significantly increased its Bitcoin holdings, growing from an initial purchase of 17,732 BTC to a substantial 158,400 BTC as of November 2023. This accumulation represents an investment close to $4.7 billion. The aggressive acquisition strategy has paid off; between August 10, 2020, and October 31, 2023, Bitcoin's value soared by 192%, eclipsing the growth of stocks, gold, and bonds.
Saylor addressed concerns regarding Bitcoin's volatility and its classification as a digital currency by defining it as a "digital property." He posits that Bitcoin will eventually supplant currency derivatives and weaker assets. His confidence in Bitcoin is also rooted in its potential as a safeguard against economic uncertainty.
Despite offloading 704 BTC in December 2022, MicroStrategy's remaining Bitcoin portfolio has yielded significant unrealized profits. With the price of Bitcoin reaching $37,000, estimates suggest the company's profits exceed $1 billion. At a recent convention in Australia, Saylor projected that demand for Bitcoin could potentially increase tenfold in the coming year.
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