Michael Saylor really believes in Bitcoin, says he won’t sell any of his company’s Bitcoin for now. He mentioned in an interview with Bloomberg TV, “There’s no reason to sell the winner and buy the losers.” Saylor thinks Bitcoin is better than other big assets like gold, real estate, and the S&P.
Saylor’s interview
During the interview, Saylor said he won’t sell any of MicroStrategy’s Bitcoin soon, maybe never. He mentioned, “The spot ETFs have opened a gateway for institutional capital to flow into the Bitcoin ecosystem,” adding, “[The ETFs] are facilitating the digital transformation of capital, and every day hundreds of millions of dollars of capital is flowing from the traditional analog ecosystem into the digital economy.”
MicroStrategy, a company owned by Saylor, possesses a lot of Bitcoins. Around January they bought 190,000 BTC for about $31,224 per coin. Now, with Bitcoin’s price at about $52,000, the company’s Bitcoins are worth around $10 billion. That means they’ve made a profit of about $4 billion.
While some investors might want to sell their Bitcoins now, Saylor isn’t one of them. He says, “Bitcoin is the exit strategy.”
BTC is the best?
Saylor explains that Bitcoin is valuable, even compared to things like gold, houses, or the S&P index. These things are worth a lot more than bitcoin, but, according to Saylor, Bitcoin is superior to them all.
“We think money will keep moving from other investments to bitcoin because Bitcoin is better than them. So, there’s no point in selling bitcoin, the winner, and buying the losers,” he explained.
MicroStrategy began buying Bitcoin in August 2020 and has kept adding more. In its latest earnings report, the software company called itself a “Bitcoin development company,” showing it’s fully committed to Bitcoin. MSTR shares are up 19.8% year-to-date.
As of press time, Bitcoin is trading at $51,842, experiencing a slight decrease of 0.15% over the past day. The market cap is also down by 0.11%, now standing at $1.02 trillion. The 24-hour trading volume has surged by 40.46%, reaching $31.43 billion, indicating heightened activity. With a volume-to-market cap ratio of 3.09%, Bitcoin’s liquidity remains robust. The circulating supply of Bitcoin is 19.63 million BTC, emphasizing its scarcity and demand in the market.
