As one of the largest corporate holders of Bitcoin, MicroStrategy has again boosted its business with a large acquisition, buying 21,550 Bitcoin for $2.1 billion between December 2 and 8. Bitcoin was purchased at an average price of $98,783 apiece, even though the cryptocurrency soared to all-time highs north of $100,000 in early December.
MicroStrategy now owns 423,650 BTC, totaling $25.6 billion, on average, spent at $60,324 per coin. With Bitcoin hitting record prices, this acquisition reminds the company that it isn’t stopping its strategy any soon.
Saylor Reaffirms Commitment To Bitcoin Despite Market Volatility
Founded by Michael Saylor, co-founder and former CEO of MicroStrategy, Bitcoin has been a long-time cause he’s championed. In a statement on X (formerly Twitter), Saylor reaffirmed his belief in Bitcoin’s long-term value and noted that his company’s strategy had been a ‘hold’ (hold on for dear life) approach.
MicroStrategy has acquired 21,550 BTC for ~$2.1 billion at ~$98,783 per #bitcoin and has achieved BTC Yield of 43.2% QTD and 68.7% YTD. As of 12/8/2024, we hodl 423,650 $BTC acquired for ~$25.6 billion at ~$60,324 per bitcoin. $MSTR https://t.co/8r7bFqMFof
— Michael Saylor⚡️ (@saylor) December 9, 2024
In an interview on Yahoo Finance’s Market Domination, Saylor said he is sure he will buy Bitcoin at $1 million per coin and $1 billion of Bitcoin daily. He even added, ‘I’ll be buying the top forever,’ so no matter how volatile a price may be for BTC, he will still buy it and recommend it to everyone he knows.
SAYLOR: I’ll be buying the top forever. I’m confident I’ll be buying Bitcoin at $1 million per coin—likely around $1 billion worth of Bitcoin per day at that price.
— Bitcoin News (@BitcoinNewsCom) December 5, 2024
His remarks show Saylor’s confidence that Bitcoin will succeed in the future. This is following a dramatic price spike. Bitcoin hit $100,000 for the first time on December 5, creating yet another all-time high that caught the interest of retail traders and institutional players.
However, Saylor remains unfazed by Bitcoin’s steep ascent, preaching wider Bitcoin adoption nationally. He boldly urged the U.S. government to sell its gold reserves in Bitcoins to hedge against inflation.
“Dump your gold, sell all US gold, and buy Bitcoin because you can buy $5,000 worth of Bitcoin for the cost of the gold,” said Saylor. ‘You’ll de-monitize the whole gold asset class. Gold is the enemy of our enemies who have gold in their banks, so the value of their assets is zero, and ours goes to trillion dollars.’
Saylor has unintentionally become one of the most famous voices in the crypto space because he has been a very strong supporter of Bitcoin and has continued to send a very controversial message regarding gold. The latest purchase demonstrated MicroStrategy’s ongoing strategy to buy Bitcoin, regardless of market moves, and its willingness to purchase at the top.
