Michael Saylor has no plans to sell Bitcoin, even as the holdings of his company MicroStrategy have swelled to reach an unrealized profit just shy of $4 billion.
“I’m going to be buying the top forever. Bitcoin is the exit strategy,” Saylor said, speaking to Bloomberg on Feb. 20 when asked if his firm would sell its 190,000 BTC stash — worth around $9.88 billion at current prices.
Outlining his bullish case for Bitcoin (BTC $51,372), Saylor claimed the cryptocurrency is “technically superior” to gold, the S&P 500 and real estate, despite each asset class having a far greater market capitalization than Bitcoin’s $1 trillion.
“We believe capital is going to keep flowing from those asset classes into Bitcoin,” he said.
“Bitcoin is technically superior to those asset classes. And that being the case, there’s just no reason to sell the winner to buy the losers.”
MicroStrategy — a business intelligence software firm — became the first publicly traded company to start scooping up Bitcoin in 2020. The 190,000 BTC it held as of the fourth quarter of 2023 cost an average of $31,224 each, bringing MicroStrategy’s total investment cost to $5.93 billion.
United States-based spot Bitcoin exchange-traded funds (ETFs), excluding the Grayscale Bitcoin Trust (GBTC), hold an estimated 270,000 BTC as of Friday, Feb. 16, according to HODL15Capital data.
Saylor said the demand for Bitcoin, generated by a growing appetite for ETF products, “has been far in excess of the supply from the miners,” sometimes up to “10 times as much.”
However, he brushed off concerns that the ETFs would make it harder for MicroStrategy to buy Bitcoin, saying it employs a “levered operating strategy” for investment in the digital asset.
“The spot ETFs have opened up a gateway for institutional capital to flow into the Bitcoin ecosystem,” Saylor said. “They’re 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.”
“This is a rising tide. It’s going to lift all boats,” he said.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
![Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_31_03_XtraSmall.jpg)
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
![Solana bears dominate market as SunPump has potentially led to less demand for SOL](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Solana/Solana_Crypto_31_XtraSmall.jpg)
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
![AI tokens see narrow gains as Wall Street banks raise price targets on NVDA](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/PEPE/PEPE_coin_2_XtraSmall.jpg)
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
![XRP back above $0.57 even as Ripple traders take $8 million in profits](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
![Bitcoin: Will BTC continue its ongoing decline?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.