Michael Saylor Predicts Buying Despite Bitcoin's Decline

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BTC 6% Sharp Decline, Yet Additional Purchase Announcement

Source=Block Street Reporter Jeong Ha-yeon
Source=Block Street Reporter Jeong Ha-yeon
Despite Bitcoin's (BTC) decline, Michael Saylor, the founder of MicroStrategy, has demonstrated his unwavering trust in Bitcoin by expressing his intention to make additional purchases.

Bitcoin's price, which was at $124,000 on the 14th, dropped to $117,426 on the 17th, a sharp decline of about 6%. Even amid this sharp decline, he has announced his intention to purchase additional Bitcoin, just like last week.

MicroStrategy invested approximately $180 million (about 2.461 trillion won) last Monday, adding 155 Bitcoin and increasing its total holdings to 628,946 Bitcoin. The current value of MicroStrategy's total Bitcoin holdings is approximately $74.2 billion (about 101.4188 trillion won).

According to Saylor Tracker data, MicroStrategy has recorded over 60% profit from Bitcoin investments, with unrealized gains exceeding $28 billion (about 38.297 trillion won). The company's stock has become a proxy investment method for Bitcoin for investors.

Saylor stated that he is not concerned about the increase in new financial companies centered on altcoins. In an August interview with Bloomberg, he emphasized, "In the past six months, the number of companies using Bitcoin has increased from 60 to 160" and that "most market capital is still flowing into Bitcoin".

MicroStrategy began purchasing Bitcoin in 2020 and secured 376,726 Bitcoin in just nine months after Donald Trump's election. Compared to the four years it took to initially accumulate 252,220 Bitcoin, this represents a rapid acquisition pace.

Bitcoin Treasuries, a specialized database for institutional investors, lists MicroStrategy as the world's largest Bitcoin holding company. The Bitcoin held by MicroStrategy is more than the total of the top 10 companies, demonstrating an overwhelming advantage over competitors.

Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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