Saylor believes that Bitcoin will remain volatile, and its value will continue to grow in the long term. Tesla sold USD 170 million worth of Bitcoin, which they consider an excellent alternative to store value.
MicroStrategy CEO Michael Saylor recently predicted that the price of Bitcoin will keep climbing forever. Furthermore, he said that there would be many more advantages for the pioneering cryptocurrency in the future.
Saylor expressed that they consider that Bitcoin will remain volatile as it connects to the entire cryptocurrency market. However, that does not prevent him from believing that its value will continue to grow in the long term.
The executive is confident in Bitcoin, which led MicroStrategy to buy 8,957 BTC in the third quarter. With that acquisition, they increased their holdings to 114,042 BTC. The recent all-time high of the cryptocurrency caused its value to rise exponentially.
The businessman and investor said he would evaluate new opportunities to raise more capital to implement his Bitcoin strategy. Additionally, he said that his company is willing to create partnerships that help it buy more BTC.
However, MicroStrategy is not the only company that has Bitcoin on its balance sheet. The list also includes Tesla, Square, and Marathon Digital Holdings, among others.
Elon Musk’s Company Tesla Owns Bitcoin
In July, Elon Musk said that Tesla owned 42,000 BTC, equivalent to more than USD 2.6 billion. In the first quarter, the company declared to the SEC that the value of its Bitcoin holdings was USD 2.48 billion.
The company then sold USD 170 million worth of Bitcoin to demonstrate the liquidity of the pioneering cryptocurrency. They consider the crypto asset to be an excellent alternative to keep cash on their balance sheet.
Michael Saylor recommended that Elon Musk invest the proceeds from the sale of his Tesla shares in Bitcoin. That comment responded to a Twitter poll by Elon Musk about whether he should sell 10% of Tesla shares.
Jack Dorsey’s Company Square Has Bitcoin
Square co-founder and CEO Jack Dorsey, who has long championed Bitcoin, said that his company owns 8,027 BTC.
Furthermore, he expressed that his hopes for the cryptocurrency go beyond its financial capabilities. He even believes that Bitcoin will create (or help create) world peace.
Dorsey noted that his goal is for Bitcoin to become the native currency of the Internet. Likewise, he said he would be working on Bitcoin if he were not on Square or Twitter.
Marathon Digital Holdings Inc Also Holds Bitcoin
Marathon Digital Holdings, an American cryptocurrency mining business, has more than USD 460 million worth of Bitcoin.
The market capitalization of that company is approximately USD 7.5 billion. That amount is substantially smaller than that of Square or Tesla. So far, they have mined about 2,516 BTC by themselves.
The company has not sold Bitcoin since October 2020 and even bought 4,812 BTC in January 2021. The continued accumulation has allowed them to reach a volume of around 7,453 BTC.
Bitcoin is trading at around USD 64,848 and has accumulated a 2.5% profit in the past week. Its trading volume is above USD 49.4 billion, and its market capitalization is approximately USD 1.2 trillion, according to CoinGecko.
By Alexander Salazar
