Michael Saylor, founder and CEO of MicroStrategy, the world’s largest publicly traded company holding bitcoin, reiterated Thursday that he would never sell any of his bitcoin holdings. This is despite the fact that the cryptocurrency’s price has fallen 40% since its November highs.
Michael Saylor maintains faith in Bitcoin
The Bitcoin bull said he would not be tempted to sell any crypto assets, even in the face of a prolonged bear market.
“Never. No. We’re not sellers. We just buy and hold bitcoin, right? That’s our strategy,” he said in an interview Thursday.
In 2020, MicroStrategy became the first public company in the United States to buy and hold bitcoin as part of its balance sheet. Since then, the business intelligence software maker has amassed around 124,391 bitcoins. At current prices, it is worth about $5.2 billion.
MicroStrategy has been increasing its bitcoin portfolio since August 2020, sticking to its promise to buy more of the cryptocurrency.
Shares in the company jumped more than 900% at one point after announcing that it would invest billions of dollars in bitcoin. But its recent bold move to keep buying bitcoin, mostly backed by loans, has raised concerns among investors.
MicroStrategy insists on holding Bitcoin
The company’s stock has fallen 16% over the past 12 months, compared with Bitcoin’s 35% gain over the same period. This suggests Saylor may have chosen a risky strategy. On top of that, MicroStrategy has bought bitcoin at an average price higher than bitcoin’s current price since the end of February last year.
But Saylor insisted that he expects Bitcoin to hit $600,000 first and then eventually $6 million.
He said in an interview on Thursday that he did not worry that bitcoin fell from nearly $69,000 in November to less than $40,000 at one point this month. Given that inflation is so high, the company’s cryptocurrency holdings are actually a source of “huge comfort,” he said.
Saylor remains bullish on Bitcoin because he is uneasy about the Fed using cheap money to prop up the economy during the pandemic.