The amount of Bitcoin owned by MicroStrategy is worth over $3.3 billion, but this does not satisfy the CEO of the company, Michael Saylor, who is willing to invest further in Bitcoin in the near future.
Saylor’s Obsession With Bitcoin
Michael Saylor says that having 3.3 billion US Dollars in Bitcoin is not a big thing for him, he is in love and obsessed with Bitcoin, and he desires to have more BTC, even after the high concern of the analysts of financial markets regarding Bitcoins negative trends.
Saylor spoke in the Crypto Summit of Bloomberg as a guest and stated that at the moment, his company’s corporate strategy is revolving around the purchase of more Bitcoin to add to its already huge bitcoin part of the portfolio. He also said that the company is willing to purchase as many Bitcoins as they can, obviously in a legal way.
Saylor also spoke about the decision of his company that they are very firm on this vies and they will look into the possibility of debt financing as well as equity financing because they think that it is best to acquire more Bitcoins as they possibly can.
Microstrategy Goes from Nothing to Making Headlines, All Thanks to Bitcoin
Around 90,531 BTC are owned by MicroStrategy as of 24th Feb 2021. Saylor’s company has spent over $2.2 billion in order to purchase all these Bitcoins. When they announced their latest purchase of almost $1 billion to acquire more bitcoin, the price of BTC was hovering around $52k.
Saylor says that his company has felt a very little or ideally no effect even after the price dip of Bitcoin to less than $50k because his company has invested in Bitcoin for the long run. He added that the scarcity of Bitcoin and its decentralized system turns it into the perfect investment for all the firms who want to diversify their investments and grow the value of their assets.
Nonetheless, this obsession with Bitcoin could cause the company a lot of damage, according to Citi. The analysts at Citi Bank have put the company in the risky category for investors and dropped its position from neutral to sell. This, however, has not affected the investors much as everyone is hungry for Bitcoin these days, and the price of MicroStrategy’s stock actually went up after their announcement of acquiring Bitcoins.