Michael Saylor has affirmed his steadfast commitment to holding onto Bitcoin, despite his company MicroStrategy’s holdings swelling to an unrealised profit of almost $4 billion.
“I’m going to be buying the top forever. Bitcoin is the exit strategy,” Saylor declared in an interview with Bloomberg on Feb. 20, when queried about the possibility of his firm selling its stash of 190,000 BTC — presently valued at approximately $9.88 billion.
Presenting his bullish argument for Bitcoin, Saylor asserted that the cryptocurrency is “technically superior” to gold, the S&P 500, and real estate, notwithstanding the significantly larger market capitalisations of these asset classes compared to Bitcoin’s $1 trillion.
“We believe capital is going to keep flowing from those asset classes into Bitcoin,” he remarked. “Bitcoin is technically superior to those asset classes.
And that being the case, there’s just no reason to sell the winner to buy the losers.”
MicroStrategy, a business intelligence software firm, made headlines as the first publicly traded company to begin accumulating Bitcoin in 2020.
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The 190,000 BTC it held as of the fourth quarter of 2023 were acquired at an average price of $31,224 each, resulting in a total investment cost of $5.93 billion.
Data from HODL15Capital indicates that United States-based spot Bitcoin exchange-traded funds (ETFs), excluding the Grayscale Bitcoin Trust (GBTC), collectively hold an estimated 270,000 BTC as of Friday, Feb. 16.
Saylor highlighted the demand for Bitcoin, driven by an increasing appetite for ETF products, which has exceeded the supply from miners, sometimes by “10 times as much.”
Nevertheless, he dismissed concerns that ETFs might impede MicroStrategy’s ability to acquire Bitcoin, stating that the company employs a “levered operating strategy” for investing in the digital asset.
“The spot ETFs have opened up a gateway for institutional capital to flow into the Bitcoin ecosystem,” Saylor explained.
“They’re facilitating the digital transformation of capital, and every day, hundreds of millions of dollars of capital is flowing from the traditional analog ecosystem into the digital economy.”
“This is a rising tide. It’s going to lift all boats,” he concluded.
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