Michael Sallor Buys Bitcoin Forever – ‘No Reason to Sell a Winner’
Michael Saylor has no plans to sell Bitcoin, even though his company's MicroStrategy holdings are swelling to reach a profit just shy of $4 billion.
“I'm going to rule the top forever. “Bitcoin is the exit strategy,” Salor told Bloomberg on Feb. 20 when asked if his firm would sell a stash of 190,000 BTC — about $9.88 billion at current prices.
Making the bullish case for Bitcoin (BTC), he said the currency is “technically superior” to gold, the S&P 500 and real estate, despite each asset class having a market capitalization of $1 trillion more than Bitcoin.
“We believe that capital will continue to flow from those asset classes into Bitcoin,” he said.
“Bitcoin technically outperforms those asset classes. When this is the case, there is no reason to buy losers to sell winners.
MicroStrategy – a business intelligence software company – became the first publicly traded company to start collecting bitcoins in 2020. The 190,000 BTC held during the fourth quarter of 2023 cost an average of $31,224 each, bringing MicroStrategy's total investment spending to $5.93 billion.
The US-based space, excluding the Greyscale Bitcoin Trust (GBTC), was estimated at 270,000 BTC as of Friday, February 16, according to HODL15 Capital data.
Demand for Bitcoin, fueled by a growing appetite for ETF products, “far outstrips the supply from miners,” sometimes by as much as “10 times,” Sayler said.
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However, he allayed concerns that ETFs would make it difficult to buy MicroStrategy Bitcoin, saying it uses a “leveraged operational strategy” to invest in the digital asset.
“The space ETFs have opened the door for institutional capital to flow into the Bitcoin ecosystem,” Salor said. “They are facilitating the digital transformation of capital, and every day hundreds of millions of dollars of capital are flowing from the traditional analog ecosystem into the digital economy.”
“This is a rising tide. It lifts all boats,” he said.
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