Michael Saylor, co-founder and executive chairman of Microstrategy Inc. (Nasdaq: MSTR), shared some information about his personal bitcoin investment in an interview on Bloomberg Television on Wednesday.
Microstrategy Inc. (Nasdaq: MSTR) Co-founder and Executive Chairman Michael Saylor has revealed that he continues to add to his personal bitcoin (BTC) holdings, which total at least 17,732 BTC. He disclosed this amount four years ago and has not sold any since, continuing to buy more.
Saylor views bitcoin as an ideal investment for individuals, families, corporations, and countries. He highlighted the cryptocurrency’s ability to be held for decades without being confiscated by any entity.
Microstrategy, an enterprise software company that has branded itself the first bitcoin development company, started investing in BTC in 2020 as an inflation hedge. By the end of July, the firm had amassed 226,500 bitcoins. Despite reporting a second consecutive quarterly loss due to an impairment charge on its $13 billion bitcoin holdings, the company’s shares have skyrocketed nearly 1,000% since it began its cryptocurrency acquisitions. During the same period, bitcoin’s value has increased by more than 500%.
Saylor recently predicted that bitcoin could reach $49 million by 2045 in an optimal “bull” scenario. Speaking at the Bitcoin 2024 Conference in Nashville, Tennessee, he outlined his forecast, which also includes a base case of $13 million and a bear case of $3 million. He bases this outlook on bitcoin’s potential to revolutionize financial systems and its superior resistance to inflation compared to traditional assets. Saylor envisions bitcoin as a primary treasury asset, essential for economic stability and substantial wealth accumulation.
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