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Claimed to be better than gold, MicroStrategy boss is confident in saving 190 thousand Bitcoins

Liputan6.com, Jakarta – MicroStrategy executive chairman Michael Saylor revealed he has no plans to sell Bitcoin, even as his company MicroStrategy's holdings swell to unrealized profits of USD 4 billion.

“I will buy the top forever. Bitcoin is the strategy,” Saylor said when asked if his company would sell its 190,000 bitcoins, quoted from News.Bitcoin, Friday (23/2/2024).

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When responding to the value of bitcoin falling to USD 51,500, Saylor said the cryptocurrency was technically superior to gold, the S&P 500 and real estate, even though each asset class had a much larger market capitalization than Bitcoin which was valued at USD 1 trillion.

“We believe capital will continue to flow from those asset classes to Bitcoin,” he said.

“Bitcoin is technically superior to these asset classes. Therefore, there is no reason to sell winning companies to buy losers,” he said.

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He explained that the demand for Bitcoin, generated by increasing interest in Bitcoin ETF exchange products, far exceeds the supply from miners, sometimes by 10 times.

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He also dismissed concerns that an ETF would make it difficult for MicroStrategy to buy bitcoin, saying that it uses a leveraged operating strategy for investments in digital assets.

“Spot ETFs have opened the gateway for institutional capital to flow into the Bitcoin ecosystem,” explained Saylor.

“They facilitate the transformation of digital capital, and every day, hundreds of millions of dollars in capital flows from the traditional analog ecosystem to the digital economy,” he explained.

For information, MicroStrategy became the first public company to start collecting Bitcoin in 2020.

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The 190,000 BTC it held in the fourth quarter of 2023 was worth USD 31,224 per unit on average, bringing MicroStrategy's total investment costs to USD 5.93 billion.

United States-based spot Bitcoin exchange-traded funds (ETFs), excluding Grayscale Bitcoin Trust (GBTC), held about 270,000 BTC as of Friday, February 16, according to HODL15Capital data.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.

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Claimed to be better than gold, MicroStrategy boss is confident in saving 190 thousand Bitcoins

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