Posted 5 months ago | by @devadmin
Microstrategy CEO Michael Saylor has revealed that he personally owns about $240 million in Bitcoin.
The CEO of the billion-dollar company Microstrategy, Michael Saylor, has revealed his own bitcoin holdings. His company, Microstrategy, recently bought $425 million in bitcoin as its primary Treasury reserve asset.
Saylor, who has been outspoken about Bitcoin ever since his company decided to make the cryptocurrency its primary Treasury reserve asset, tweeted Wednesday:
Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself.
— Michael Saylor (@michael_saylor) October 28, 2020
Microstrategy purchased approximately 38,250 bitcoins for an average purchase price of about $11,111 per BTC, at an aggregate purchase price of $425 million, Bitboy Crypto reported.
Saylor has not always been a bitcoin bull. A former bitcoin skeptic, he tweeted on Dec. 18, 2013: “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
However, following his big Bitcoin purchase, the CEO has been a strong advocate of Bitcoin, calling the cryptocurrency the best store of value, much better than gold or tech stocks.
Michael Saylor of MICROSTRATEGY recently discussed the other big factor, the dollar’s inflation in a podcast. Microstrategy previously invested a record $425 million in the number one cryptocurrency.
Saylor appeared on the podcast in an effort pledging to convince the CEO of Hedgeye, Keith McCullough, to reconsider his decision to sell all his Bitcoin in early October.
McCullough made headlines back in early October after he notified the investing community of his decision to sell Bitcoin via the following Tweet.
I've sold all of my Bitcoin
— Keith McCullough (@KeithMcCullough) October 6, 2020
Saylor expressed to McCullough that the reason why he first bought Bitcoin was due to the Federal Reserve’s new policy on creating massive inflation. Fed officials of the Federal Open Market Committee’s (FOMC) recently announced that they would continue to hold US interest rates close to zero and will continue to push inflation above 2% by 2023. Saylor became convinced that Bitcoin was the best option to hedge investment from MicroStrategy.
Saylor believes the U.S. dollar will soon lose significant purchasing power and that asset inflation will surge to more than 20%.
“There are a group of people that I align with, the Bitcoiners, that believe the true inflation rate is not CPI but rather the asset inflation… All your models are destroyed… Bitcoin goes to the moon,” Saylor said during the interview.
During the podcast with Hedgeye CEO, Keith McCullough, Saylor said that Bitcoin is going to eat the world and most billionaires don’t realize how big it is yet. Saylor went on to say there are 10,000 billionaires or billion-dollar entities stating the catalysts are all to the upside. In particular, Saylor said, holding Bitcoin is “less risky than holding cash.”
Saylor categorized Bitcoin (BTC)as an asset and not a commodity. According to Mr. Saylor, commodities such as grain, oil, beef, etc are abundant and should be traded. However, Bitcoin being an asset means that it should be owned and not traded. Furthermore, the scarcity of Bitcoin adds to its appeal as an ideal treasury reserve asset.
My message for @KeithMcCullough : #Bitcoin is an asset, not a commodity. Commodities are abundant and should be traded. Assets are scarce and should be owned. Pure monetary energy is the ideal treasury reserve asset, and for the first time in history, we can now own some. https://t.co/MG9dz5LFLF
— Michael Saylor (@michael_saylor) October 20, 2020
That new buzz term seems to be the new narrative that Bitcoin isn’t just a store of value but it’s now a Treasury Reserve asset used to hedge against currencies of the world.
Saylor also said that gold has an inflation rate of 2-3% a year which dilutes your value in it, using an example of putting in $100 million dollars.
Ironically, Saylor was previously a cryptocurrency skeptic. In 2013, Saylor tweeted: “Bitcoin’s days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
Now, Saylor seems to see why Bitcoin exists and he’s a mega bull.
“I went down the rabbit hole” during COVID-19, Saylor previously said, admitting he “was wrong” to have doubted bitcoin back in the $600 range.
“I wish I knew then what I know now.”
Bitcoin is currently trading at [FIAT: $13,747.91] UP +0.8% in the last 24 hours according to Coingecko at the time of this report.