Michael Saylor Not Interested in Selling: 'Bitcoin Is the Exit Strategy'
MicroStrategy Executive Chairman Michael Saylor explains why he has no plans to sell his company's bitcoin holdings.
Bitcoin Maximalist Michael Saylor Holds Firm
In an interview with Bloomberg TV, Michael Saylor, the Executive Chairman of MicroStrategy, stated that he has no intention of selling any of his company's bitcoin holdings. He believes that there is no reason to sell the cryptocurrency and invest in other assets. Saylor is a bitcoin maximalist and sees bitcoin as the superior product compared to traditional asset classes like gold, real estate, and the S&P index.
Saylor further explained that the recent opening of spot ETFs has allowed institutional capital to flow into the bitcoin ecosystem, contributing to the digital transformation of capital. He believes that capital will continue to flow from other asset classes into bitcoin due to its technical superiority, making it the winning investment choice.
MicroStrategy currently holds 190,000 bitcoins, purchased at an average price of $31,224 per coin. With the current price of bitcoin at around $52,000, the company's holdings are valued at approximately $10 billion, with a profit of $4 billion.
Bitcoin as the Superior Asset Class
Saylor also emphasized that bitcoin's value, which is currently over a trillion dollars, is competing with other asset classes such as gold, real estate, and the S&P index. Despite these asset classes having much higher market capitalizations than bitcoin, Saylor believes that bitcoin is superior to all of them.
He argues that due to bitcoin's technical superiority, capital will continue to flow from these asset classes into bitcoin. Saylor firmly believes that there is no reason to sell the winner (bitcoin) and buy the losers (other asset classes).
MicroStrategy started purchasing bitcoin in August 2020 and has consistently been adding to its portfolio. The company recently rebranded itself as a 'bitcoin development company' to showcase its commitment to the cryptocurrency.
MicroStrategy's Bitcoin Holdings and Performance
MicroStrategy's bitcoin holdings of 190,000 coins are currently worth around $10 billion. The company's average purchase price per coin was $31,224, resulting in a profit of $4 billion.
Despite the significant gains, Michael Saylor has no plans to sell any of the company's bitcoin holdings. He views bitcoin as the exit strategy, believing that capital will continue to flow into the cryptocurrency due to its technical superiority.
MicroStrategy's performance in the market has been positive, with its shares up 11.8% year-to-date.
