There will be volatility, but the businessman recommends keeping Bitcoin a hedge against inflation. MicroStrategy has doubled its Bitcoin holdings and now owns 121,044 BTC, equivalent to around USD 7 billion.
The CEO of MicroStrategy, Michael Saylor, considers that Bitcoin has replaced the US dollar as the global store-of-value asset. He said that the cryptocurrency is the best hedge against inflation but not good enough to pay for a cup of coffee.
In that regard, Saylor stated that Bitcoin aims to save and preserve the value of money over time, not to pay for small products.
He highlighted that viewing Bitcoin as an asset rather than a currency simplifies life from a regulatory point of view.
The executive commented that those regulations seek to restrict the use of cryptocurrencies as payment methods instead of a property. He explained that, by recognizing that, it would be easy to see that the industry has a bright future.
Saylor faced inflation problems in the country, and he believes that Bitcoin would provide the best hedge against inflation.
He is aware that there will be volatility, but he thinks the world understands the need to hedge against inflation. For that reason, the businessman recommends keeping Bitcoin rather than selling it.
The Relationship Between Michael Saylor, MicroStrategy, and Bitcoin
In June, Michael Saylor said that he was ready to retire quietly. Before getting into Bitcoin, he had not posted anything on Facebook, Instagram, or Twitter for four years. However, he noted that he returned to the fray after his first contact with the pioneering cryptocurrency.
The fundamentals of MicroStrategy, founded in 1989, have been the same for years until August 11th, 2020. That year, Saylor decided to convert practically all their cash into Bitcoin. In the following months, he doubled and even tripled his bet.
Saylor predicted billions of people would eventually have digital properties and expressed that MicroStrategy wanted to be there before they did.
Saylor Recommends Increasing BTC Holdings
Michael Saylor has made acquiring Bitcoin a second rule for his 32-year-old company.
In its fourth fiscal quarter, MicroStrategy has doubled its Bitcoin holdings. They now own 121,044 BTC, which Saylor says they will probably keep forever.
The business intelligence software company MicroStrategy announced that it bought another 7,002 BTC for around USD 414 million.
Saylor tweeted that they invested USD 59,187 per Bitcoin, for a total of USD 414.4 million.
Curiously, the CEO of MicroStrategy stated that they committed themselves to buy more Bitcoin. And he has no plans to sell it. Saylor called Bitcoin an excellent long-term investment for shareholders.
What has happened to Michael Saylor with MicroStrategy and Bitcoin is not luck but one of the best financial decisions in the 21st century.
Bitcoin is trading at around USD 56,180 and has accumulated a loss of 0.8% in the last 24 hours. Its daily trading volume is above USD 33.31 billion, and its market capitalization is about USD 1.06 trillion, according to CoinGecko.
The value of the holdings acquired by MicroStrategy is equivalent to about USD 7 billion.
If people want to be like Michael Saylor, the only thing they need to do is take a chance on Bitcoin.
By Alexander Salazar
