Michael Saylor, the CEO of Microstrategy and a staunch Bitcoin evangelist, has restated his confidence in the future of Bitcoin, and his commitment to continue buying the asset.
He stressed this in a recent interview after he came under fire from the crypto community following his company’s latest BTC purchase. However, Saylor has always been vocal about purchasing Bitcoin at the top, not minding caution about timing the market.
Microstrategy Secures Over $500 Million Worth of Bitcoin (BTC)
On December 23, the American business intelligence company, Microstrategy, made headlines following its announcement of a recent Bitcoin purchase. According to a post on X (formerly Twitter), the firm spent $561 million to purchase a massive 5,262 BTC.
As per the update, Microstrategy purchased the Bitcoins at an average price of $106,662. Meanwhile, its total Bitcoin holding is now 444,262 BTC, acquired with $27.7 billion at an average price of $62,257 per BTC.
MicroStrategy has acquired 5,262 BTC for ~$561 million at ~$106,662 per bitcoin and has achieved BTC Yield of 47.4% QTD and 73.7% YTD. As of 12/22/2024, we hodl 444,262 $BTC acquired for ~$27.7 billion at ~$62,257 per bitcoin. $MSTR https://t.co/asDGerBV7q
— Michael Saylor (@saylor) December 23, 2024
Saylor disclosed that Microstrategy has seen returns of 47.4% since the beginning of the quarter, and 73.7% year to date. Despite this significant profit, the company’s aggressive buying strategy without consideration of the current market state has drawn criticism from the broader crypto community.
Market observers have warned about a huge market effect in cases where Microstrategy’s stock (MSTR) plunges. They remark that a steep decline in MSTR could trigger forced asset sales including Bitcoin, causing significant downward pressure on the asset and the entire crypto market.
Saylor Defends BTC Purchase
Meanwhile, Saylor has backed his company’s latest BTC purchase following concerns raised by observers in the crypto community. They pointed to the fact that Microstrategy’s latest Bitcoin average purchase price of $106.6k is close to Bitcoin’s all-time high of $108k.
However, in a separate X post, Saylor stressed that those who avoid buying Bitcoin at the top are losing out.
“If you are not buying Bitcoin at the top, you are leaving money on the table, he said.”
Also, in a recent appearance on the PBD podcast, Saylor repeated his prediction that Bitcoin would eventually surge to $13 million, reiterating his confidence in BTC’s future.
At the time of writing, Bitcoin traded at $94,214, representing a 0.65% decline in the last 24 hours.
The post Michael Saylor Reiterates Confidence in Bitcoin, Defends Company’s Latest Purchase appeared first on Coinfomania.
