Michael Saylor announces another $650 million purchase of Bitcoin as it price dips from weekend highs.
Business intelligence company MicroStrategy has added to its Bitcoin (BTC) stash, with a purchase of 29,646 BTC for a total of $650 million, an average of around $21,925 per Bitcoin
CEO Michael Saylor tweeted the news immediately following a pullback in price to $22,247, although it is unclear whether the acquisition coincided with this event.
MicroStrategy announced its intention to buy more Bitcoin earlier this month with a $400 million debt security sale to raise funds for the purchase. The bond sale ultimately brought in $650 million, which has now been used to buy Bitcoin as promised.
The company is now holding a total of 70,470 BTC, bought at an average price per Bitcoin of $15,964. This makes it the fifth-largest individual hodler of Bitcoin, one place ahead of the United States government, which reportedly owns 69,420 BTC.
MicroStrategy started its Bitcoin journey in August with a purchase of 21,000 BTC for $250 million. At the time, the company stated that its intention was to adopt Bitcoin as its primary reserve currency as a hedge against U.S. dollar inflation.
This was followed by further purchases, including a $425 million acquisition in September, which were carried out through Coinbase's over-the-counter desk.
Most recently, Saylor encouraged fellow billionaire Elon Musk to follow his lead and use BTC to replace the U.S. dollar as Tesla's primary reserve currency. This would encourage other S&P 500 firms to follow suit, argued Saylor, compounding the benefits of the move.
Bitcoin is a 'masterpiece of monetary engineering' Michael Saylor tells Austin Davis February 10 2021 - 01:28PM Cointelegraph
Michael Saylor, CEO of MicroStrategy, applies his training in thermodynamics to Bitcoin in an exclusive interview with Bitcoin pioneer and futurist Austin Davis
SAM BOURGI 1 HOUR AGO Bitcoin is a 'masterpiece of monetary engineering' Michael Saylor tells Austin Davis
Michael Saylor, CEO of MicroStrategy, applies his training in thermodynamics to Bitcoin in an exclusive interview with Bitcoin pioneer and futurist Austin Davis
The financial and economic narratives surrounding Bitcoin (BTC) barely scratch the surface of what makes the digital asset so unique, according to Michael Saylor, CEO of MicroStrategy.
In an exclusive interview with Austin Davis for Cointelegraph, Saylor calls Bitcoin “a masterpiece of monetary engineering,” and one that will likely go down in history as the world’s “first engineered monetary network.”
“Once you understand money is monetary energy and you understand Bitcoin is a monetary energy network, then you start to appreciate the fact that it either does or does not respect the laws of thermodynamics. If it doesn’t, it means it has a leak.”
That “leak,” Saylor says, is inflation, something Bitcoin has been mathematically designed to resist.
Saylor gave the interview in front of his now-famous 17th century Spanish Galleon, which was intricately crafted in the 19th century. Saylor described the model as a "work of art," and one that provides him with added motivation. The fact that such vessels transported gold across the ocean in days of yore is certainly not lost on him.
Bitcoin has become an $850 billion asset following its latest price surge, but that’s only the beginning of its market impact, according to Saylor. He explains why Bitcoin will eventually “subsume gold” to become a $10 trillion asset before reaching $20, $30, $50 and even $100 trillion in value. At that point, Bitcoin will be the “core of the monetary planet.”
Saylor recently pitched Bitcoin to 1,400 corporate executives, where he discussed strategies for incorporating the digital asset into treasury reserves. In his interview with Davis for Cointelegraph, Saylor had a few words of wisdom about what hodlers should do with their Bitcoin if they hope to achieve generational wealth.
"You should buy it and hold it forever," he opined. "My advice would be to borrow against it tax-free, never take capital gains, never take an operating income."
Saylor's outlook reflects his own strategy of perma-hodling the digital asset as part of a deliberate campaign to adopt the Bitcoin Standard. His conviction is not only based on Bitcoin's underlying technology, but on the rapidly declining value of fiat currency. His now-famous analogy comparing fiat money to a melting ice cube appears to be resonating with his peers.
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