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MicroStrategy is planning to further expand its Bitcoin holdings, raising additional capital to continue with its Bitcoin strategy. This is because Michael Saylor strongly supports Bitcoin and believes in the currency’s potential.
Michael Saylor, CEO of American business intelligence, mobile software, and cloud-based services company MicroStrategy Incorporated (NASDAQ: MSTR) has recently revealed how much Bitcoin (BTC) he owns. Known for being a strong supporter of the currency, Saylor has over 17,000 BTC. With the current BTC price, his holdings are worth more than $850 million.
— Bitcoin Magazine (@BitcoinMagazine) December 22, 2021
Apparently, Michael Saylor has not bought Bitcoin since October 2020. At that time, his Tweet was saying that he had 17,732 BTC. Saylor acquired the coins when their price was around $10,000.
Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself.
— Michael Saylor⚡️ (@saylor) October 28, 2020
Notably, his company MicroStrategy itself has its own Bitcoin holdings. The company reportedly owns 122,478 BTC worth over $6 billion. It made its first foray into BTC in 2019. At that time, the company bought about $250K worth of the prominent digital currency. In 2020, MicroStrategy made another massive investment into BTC. The latest purchase of Saylor’s company was made earlier this month when it bought $82 million worth of BTC.
MicroStrategy is planning to further expand its Bitcoin holdings, raising additional capital to continue with its Bitcoin strategy. This is because Michael Saylor strongly supports Bitcoin and believes in the currency’s potential. According to Saylor, its price could eventually hit as much as $6 million per coin. In addition, MicroStrategy CEO does not “believe you should sell your Bitcoin.”
“One day billions of people will hold digital property, we want to get there before billions of people get there.”
“Our macro strategy is to focus on Bitcoin. I can plug Bitcoin into the entire digital economy and it makes everything better. Bitcoin fixes everything. The least risky, most diversified investment strategy is to simply hold Bitcoin.”
The company’s primary goal is buying and custody of Bitcoin. Despite returns of around 5% per year, MicroStrategy has no intention to embark on yield-making strategies such as Bitcoin-backed loans.
Top Bitcoin Investors
Notably, on the list of the most prominent investors in Bitcoin, Michael Saylor has a number of rivals. Other big advocates of the currency include Barry Silbert, Cameron and Tyler Winklevoss, Michael Novogratz, and, of course, Elon Musk.
Barry Silbert is the founder and CEO of Digital Currency Group, the parent company of Grayscale Bitcoin Trust (GBTC), the largest Bitcoin Trust in the world. According to the latest data, Grayscale owns roughly 3.4% of the world’s supply of Bitcoin and 46% of the 1.4 million Bitcoin that is currently held by publicly traded companies.
Further, Michael Novogratz, Galaxy Digital Holdings CEO, stated that cryptocurrencies make up 85% of his net worth. Besides, he believes that Bitcoin will stay above the $42,000 level.
Finally, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk owns Bitcoin, Dogecoin (DOGE), and Ethereum (ETH). This year, Tesla has been several times on the news due to its heavy investments in Bitcoin. The company is expected to start accepting payments in crypto soon.