“Exemplary discipline, MicroStrategy keeps buying BTC despite volatile crypto markets.”
Michael Saylor, the chairman of the business intelligence firm MicroStrategy based in the United States (US) has again announced the acquisition of 16,130 Bitcoin (BTC) cryptocurrency worth $593.3 million when the price was at $36,785.
As of November 29, 2023, MicroStrategy's total holdings of 174,530 BTC worth $5.28 billion have cemented their status as the most bullish firm on BTC on Wall Street.
It's true that MicroStrategy reported a net loss of $143.4 million in second quarter earnings, but Chief Executive Officer (CEO) Phong Le who is still buying BTC says that his investment strategy is not at all threatened.
During the podcast, Saylor called BTC "the perfect engineered crypto-gold" due to its potential as a store of value and a hedge against inflation compared to traditional assets.
Investing in bonds is very unprofitable, commented Saylor, adding that he will continue to buy BTC so as not to destroy the livelihoods of all his employees if Federal Reserve (Fed) chairman Jerome Powell raises interest rates.
Well-known Bitcoin Marxists have highlighted BTC's scarcity and durability as two factors that make the main crypto a better alternative to some traditional investment strategies including stocks and gold.
As such, investors need to pay attention to the possible upward movement of the BTC price plus MicroStrategy has seen significant gains due to its huge investment in the digital asset.
As of this writing, the price of BTC has jumped by 0.53% to $37,922 in the last 24 hours with a market cap of $741 billion and is up 1.33% over the last week.
