Michael Saylor Purchases $489M More BTC Through MicroStrategy as Market Comes Unhinged

Saylor has shown time and again that he has full conviction for Bitcoin, this time making $489 million worth of purchases in the crypto asset as the market capitulates.

By
Chung Yee
on
June 23, 2021
Category:
Blockchain News

Undeterred by Capitulation

MicroStrategy has purchased an additional $489 million worth of Bitcoin.  MicroStrategy CEO Michael Saylor dropped a link to the press release on his Twitter account that revealed their acquisition. The press release also detailed why the company has been so bullish on Bitcoin.

With the most recent purchase, Saylor has increased the company’s holding of the crypto asset to 105,085 bitcoins that was acquired at various prices since his announcement in August last year. MicroStrategy now holds $2.741 billion of a single crypto asset at an average price of $26,080 per Bitcoin. 


Why Saylor Remains Bullish

Michael Saylor was named as the fourth ‘Most Influential People in Crypto 2020’ by CoinDesk for his tireless effort in promoting adoption of the cryptocurrency to the masses. Bitcoin price has capitulated from its previous all time high of $64,804 and today, at the time of writing it stands at $32,851. That is a massive 50% dip that would make any investor question their choices. The CEO of MicroStrategy is unfazed by these massive price swings and according to CoinDesk, stood firm on his belief that Bitcoin is the ‘most viable vehicle for value storage that humanity has created".

Source 


A Brave or Reckless Decision?

The one thing that critics of Michael Saylor cannot level against him is a lack of conviction. The prolific figure has shown that he strongly believes what he says and he is willing to back up his belief. Michael Saylor has always been seen as the man who has brought Bitcoin to the corporate treasury of many institutions. 

However, this decision to dive deeper in as the market tanks on negative news is a brave one. Market instability has come from a variety of events, ranging from regulatory clampdowns in some jurisdictions to China’s crackdown on mining activities in the second largest economy in the world. These recent events have shaken off many investors from holding on to their investment and kept many that have plans to adopt Bitcoin investment to stand by the sidelines. 

Source : Michael Saylor and Max Keiser at the Miami Bitcoin Convention 2021

The corporate strategy adopted by MicroStrategy has not changed since it pursued Bitcoin as their store of value in their balance sheet. In the press release by MicroStrategy on June 21, 2021, the company detailed their reason for holding Bitcoin.  

We pursue two corporate strategies: (1) grow our enterprise analytics software business to promote our vision of Intelligence Everywhere and (2) acquire and hold Bitcoin, which we view as a dependable store of value supported by a robust, public, open-source architecture untethered to sovereign monetary policy. - MicroStrategy Press Release, June 21st, 2021

The bullish outlook for the new asset class by Michael Saylor is not shared by all. Many have regarded his action to be reckless and throwing caution to the wind. Yet Saylor has come to wield a tremendous influence over the crypto community, thanks to his brash support of the asset.

Bringing Facts to the Table

Michael Saylor has been one of the best proponents for Bitcoin adoption. He is probably the man who introduced Elon Musk and Tesla to Bitcoin in his famous tweet offering to share Saylor’s ‘playbook’.

The man has a way of rationalizing his choices and he speaks in a language that many institutional executives can relate to. In many of his interviews, Michael Saylor has brought facts and statistics to support his arguments on why he believes Bitcoin is a ‘dependable store of value’. What the future holds for Bitcoin in the near future remains to be seen, but Michael Saylor will be remembered as the man who was brave when others were fearful. 

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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