Michael Saylor’s MicroStrategy doubles down on Bitcoin, invests another $10M even as bitcoin falls by 70% from its all-time high
The year is 2140. All the 21 million bitcoins have been mined and Michael Saylor owns them all. Due to the Changing World Order, it’s also the century that the Chinese Yuan becomes the world’s global currency. All of Saylor’s bitcoins are now worth over 64.3 trillion Yuan (today’s $21 trillion) or the equivalent of the entire 2021 US GDP.
This scenario may sound crazy to an average investor but not to MicroStrategy CEO Michael Saylor. In February of last year, Saylor told CNBC that he “sees bitcoin’s market value reaching $100 trillion one day.” The hope of bitcoin reaching trillions of dollars valuation someday is probably what’s causing Saylor to be bullish on bitcoin.
Having invested billions in the world’s most popular cryptocurrency, Michael Saylor’s MicroStrategy announced today it has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of today, the Virginia-based business intelligence software MicroStrategy now holds approx. 129,699 bitcoins, which were acquired for a total of approx. $3.98 billion at an average price of ~$30,664 per bitcoin.
“MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTR,” Saylor tweeted with his laser-eyed Twitter profile picture intact.
MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTRhttps://t.co/leQYTXn817
— Michael Saylor⚡️ (@saylor) June 29, 2022
As of the time of writing, bitcoin is down about 70% from its all-time high of $69,000. Two weeks ago when bitcoin was hovering between $22,000 and $24,000, Michael Saylor’s MicroStrategy Bitcoin investment was at a $1 billion unrealized loss. Saylor is now at a point of no return and he’s not planning to sell any of the company’s bitcoin investment.
In March 2021, Saylor told his fans in an infamous video to mortgage their homes and buy bitcoins. Since then, bitcoin has lost more than half of its value.
“Once you know how it all ends, the only use of time is…how do I buy more bitcoin? But take all your money and buy bitcoin. Then take all your time, figure out how to borrow more money to buy more bitcoin. Then take all your time and figure out what you can sell to buy bitcoin. And if you absolutely love the thing, that you don’t want to sell it, go mortgage your house and buy bitcoin with it. And if you’ve got a business that you love because your family works for the business and it’s in your family for 37 years, and you can’t bear to sell it, mortgage it, finance it, and convert the proceeds into the hardest money on earth, which is bitcoin,” Saylor told the host.
Never forget Michael Saylor encouraging unsophisticated investors to liquidate every asset they own to buy Bitcoin on leverage.pic.twitter.com/Wvv3c2JpOZ
— Nate Anderson (@ClarityToast) June 13, 2022