Michael Saylor is in it for the long haul with Bitcoin (BTC), even as MicroStrategy, his company, sits on unrealized profits of nearly $4 billion.
“I’ll keep buying forever,” Saylor declared in a Bloomberg interview on February 20 when asked whether his company would sell its stash of 190,000 BTC, valued at around $9.88 billion at current prices.
Outlining his bullish case for Bitcoin, Saylor asserted that cryptocurrency “outperforms technically” compared to gold, the S&P 500, and real estate, despite these assets having much larger market capitalizations than Bitcoin’s trillion-dollar market cap.
“We believe capital will continue to flow from those assets into Bitcoin,” he said.
Bitcoin’s technical superiority over these assets leaves no reason to sell a winner to buy a loser, according to Saylor.
MicroStrategy became the first publicly traded company to dive into Bitcoin in 2020. The 190,000 BTC it holds as of Q4 2023 has an average purchase price of $31,224 per BTC, totaling $5.93 billion.
Bitcoin spot ETFs in the U.S., excluding Grayscale Bitcoin Trust (GBTC), hold around 270,000 BTC as of February 16, according to HODL15Capital data.
Saylor highlighted the demand for Bitcoin, driven by the increasing appetite for ETF products, “far exceeding supply from miners,” sometimes by a factor of “tenfold.”