MicroStrategy CEO won’t sell $5B BTC stash despite crypto winter

MicroStrategy CEO won’t sell $5B BTC stash despite crypto winter

Despite a 40% drop in the value of Bitcoin (BTC), MicroStrategy’s Michael Saylor has no intention of selling his firm’s $5-billion stash.

Even if BTC suffers a lengthy bear market, Saylor told Bloomberg that he is a “Bitcoin bull” and does not intend to alter MicroStrategy’s multi-billion-dollar BTC acquisition plan. He took a firm stance against cashing out BTC:

Our top trading bots

“Never. No. We’re not sellers. We’re only acquiring and holding Bitcoin, right? That’s our strategy.”

MicroStrategy became the first publicly listed corporation in the United States to acquire and hold Bitcoin as part of its balance sheet in August 2020. Since then, the business software manufacturer has amassed about 124,391 BTC worth about $5.2 billion at current market prices.

Due to the large portion of its balance sheet being taken up by cryptocurrency, the company’s shares have turned into a means to get exposure to the “digital gold.” After announcing its venture into BTC, MicroStrategy’s stock skyrocketed 900% at one time; however, recently, its collateral has gone into a tailspin after being exposed to excessive buying events financed in part with borrowed funds.

Since August 2020, MicroStrategy has continuously boosted its Bitcoin position, keeping its promise to purchase even more of the major digital currency. Late last year, MicroStrategy bought 1,914 BTC between Dec. 9 and Dec. 29 for $94.2 million, bringing its total to 124,391 BTC.

Related: Billionaire investor Bill Miller puts 50% of net worth in Bitcoin

Despite the recent market sell-off, Saylor still considers BTC one of the best inflation hedges and alternatives for stock buyback events. He dismissed any concerns about the cryptocurrency’s decline from its all-time high of $69,000 in November to less than $40,000 this month, stating that because inflation is so high, the company’s assets are actually a source of “great comfort.”

Saylor, who previously branded cash a “melting ice cube,” anticipates more Wall Street names will buy BTC at current prices, describing it as “a great entry point for institutional investors.”

Keep reading relating to Cointelegraph
Crypto lobbyists up 180% since 2018, with Andrew Yang joining the charge
Lobbying by the cryptocurrency industry and crypto proponents is booming in the U.S. Congress. According to a report released Tuesday by Public Citizen,...
Samson Mow leaves Blockstream, plans to focus on ‘nation-state Bitcoin adoption’
Blockstream chief strategy officer Samson Mow has announced he will be leaving the blockchain firm after five years.In a Tuesday Twitter thread, Mow said...
Are we misguided about Bitcoin mining's environmental impacts? Slush Pool's CMO Kristian Csepcsar explains
It's a controversial topic in the blockchain community that comes up from time to time — just how much impact Bitcoin (BTC) mining has on the environment....
Shiba Inu (SHIB) fetches 30% gain on Robinhood listing rumor and bullish chart pattern
Shiba Inu (SHIB) seems to be preparing for a bullish breakout as a falling wedge pattern begins to form.The price of SHIB has been trending lower inside...
Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC
Bitcoin (BTC) declined as Wall Street trading opened on Dec. 13 as stocks came off Dec. 10’s record close.BTC/USD 1-hour candle chart (Bitstamp). Source:...
Klima DAO accumulates $100M of carbon offsets, aims to drive up price
Climate-change focused Klima DAO has accumulated over 9 million tonnes of carbon offsets according to a Nov. 8 announcement. The USD value of those offsets...
Huobi trials NFT marketplace to further GameFi and metaverse strategy
Huobi Group, the company operating one of the world’s largest cryptocurrency exchanges, is launching its own nonfungible token (NFT) marketplace, following...
Shiba Inu rebounds 40% despite major selling by SHIB whales
Shiba Inu (SHIB) kickstarted its new weekly session in the green as it continued its bullish retracement move from last week’s low of $0.00002058.SHIB’s...
Sports NFT gold rush as projects raise $930 million in a week
Tokenized sport collectibles projects have raised almost $1 billion in funding in the space of a week. On Sept. 22 Dapper Labs — the firm behind the Flow...
Traders use this classic trading pattern to determine when to ‘buy the dip’
Traders use various technical analysis tools to identify emerging trends and profitably trade that direction. One popular trend-defining pattern that traders...
XRP Jumps 21% In a Green Day
Investing.com - XRP was trading at $1.01002 by 15:45 (19:45 GMT) on the Investing.com Index on Wednesday, up 20.82% on the day. It was the largest one-day...
New Spanish bill aims to enable mortgage payments in crypto
Spanish lawmakers are backing a new legal initiative to legitimize the cryptocurrency and blockchain industry by proposing a new bill on digital transformation.The...
UN chooses NFT marketplace host in efforts to fight climate change
The United Nations has selected blockchain platform Unique Network to run a nonfungible token (NFT) initiative in the effort to inspire others to take action...
Clean-water nonprofit launches celebrity-funded Bitcoin Water Trust
Charity: water, a New York-based nonprofit with a mandate to bring clean and safe driving water to developing countries, has begun accepting Bitcoin (BTC)...
Exclusive-HSBC CEO says Bitcoin not for us
By Lawrence White and Rachel ArmstrongLONDON (Reuters) - HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment...