MicroStrategy continues to hoard Bitcoin despite it reaching an All-Time-High, Chairman Michael Saylor is confident that the company will continue to buy it at $1 million per Bit.
MicroStrategy, one of the world's largest Bitcoin holders, has purchased an additional 21,550 BTC at a total cost of $2.1 billion during the period from December 2 to December 8, at an average price of $98,783/BTC, the company announced on December 9.
As of December 8, MicroStrategy owns a total of 423,650 BTC, purchased at an average price of $60,324/BTC for a total value of $25.6 billion, according to Michael Saylor, co-founder, chairman and former CEO of MicroStrategy.
This announcement comes shortly after Saylor predicted that he would continue to buy Bitcoin even if the price reaches $1 million per Bit.
MicroStrategy's most recent purchase took place when Bitcoin reached an All-Time-High, surpassing $100,000 for the first time on December 5.
Despite Bitcoin's peak price, Saylor still emphasizes his optimistic stance and "HODL" philosophy (long-term holding). "I'm sure I'll keep buying Bitcoin at $1 million a Bit - I might buy $1 billion a day when it gets to that level," Saylor shared on Yahoo Finance's Market Domination program.
Michael Saylor also urged the U.S. government to sell all of its gold reserves and replace them with Bitcoin to protect the economy from inflation.
"Sell all your gold. Sell all the gold of the United States [and] buy Bitcoin. This trade will be free because you can buy 5 million Bitcoin with the cost of the gold you have. This will devalue all the gold assets, and our enemies - the countries that hold gold in their banks - will see their assets go to zero. Our assets will go up to $100 trillion," Saylor told Yahoo Finance.
Saylor's statements come as the Chair of the U.S. Federal Reserve, Jerome Powell, affirmed that Bitcoin is a direct competitor to gold but not a threat to the U.S. dollar.
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The article MicroStrategy buys an additional 21,550 Bitcoin for around $2.1 billion first appeared on CoinMoi.
