MicroStrategy CEO Michael Saylor abandons plans to sell Bitcoin
MicroStrategy CEO Michael Saylor has no plans to sell any Bitcoin (BTC) on the company’s balance sheet.
In an interview with Bloomberg TV, Saylor noted that Spot ETFs had opened the gates for institutional capital to flow into the BTC ecosystem and that this type of fund contributes to the digital transformation of capital.
“Every day, hundreds of millions of dollars of capital is flowing from the traditional analog ecosystem into the digital economy.”
Michael Saylor, MicroStrategy CEO
Bitcoin’s value, currently just over a trillion dollars, rivals asset classes such as gold, real estate, or even the S&P index – all of which have market capitalizations many times larger than Bitcoin, Saylor said.
BTC, Saylor argues, beats them all.
“We believe capital is going to keep flowing from those asset classes into Bitcoin because Bitcoin is technically superior to those asset classes and that being the case, there’s just no reason to sell the winner and to buy the losers.”
Michael Saylor, MicroStrategy CEO
MicroStrategy began buying Bitcoin in August 2020 and has steadily added to its portfolio. Last month, the company purchased 850 BTC for $37.2 million. After this purchase, MicroStrategy’s reserve in Bitcoin reached 190,000 BTC. At the time of writing, BTC is trading at $51,800, according to CoinMarketCap data. The company’s assets at the current exchange rate are estimated at approximately $9.8 billion.
