Michael Saylor – the founder and former CEO of MicroStrategy – has announced that his company is looking to garner as much bitcoin as it can in the coming months.
Michael Saylor Still Loves BTC
Saylor has always been a huge bitcoin bull. He first caught the BTC bug back in August of 2020 and began adding the world’s number one digital currency by market cap to his company’s balance sheet when the currency was trading for around $11,000. From there, it exploded and by the time 2021 came to an end, the currency was trading in the high $60,000 range.
At first glance, one could assume that Saylor knew what he was doing. That he had latched onto the greatest financial discovery since gold in California, and he was (correctly) putting all he had into it, but it wasn’t long before the bubble burst, and bitcoin came crashing down like an old building.
Towards the end of 2022, the currency had lost more than 70 percent of its value, and Saylor resigned from his CEO position with MicroStrategy and transferred to the role of executive chairman after all his bitcoin investing decisions led the company into a debt hole exceeding several billion dollars.
Now that bitcoin has regained some of its previous value and is trading near the $30K mark, it seems Saylor is once again putting his all behind bitcoin. In other words, it doesn’t seem like he’s learned his lesson from the previous year, and he’s going to be taking the same path as before. In a recent interview, he stated:
Our goal is to accumulate as much bitcoin as we can on behalf of our shareholders.
As part of the plan to acquire more BTC, his company is going to sell more than $700 million in common stock. He continued with:
We’ve pursued a strategy of levering bitcoin investments, so we use cheap capital. Our average cost of capital is like 1.6 percent or something in that range, and the combination of leverage, and then offering our shareholders a yield. We don’t charge them a fee to manage this bitcoin; we aim to write a yield. That’s allowed us to generate 254 percent performance. At the same time, bitcoin was up 145 percent [since last August].
The Fewer Altcoins, the Better
He expects bitcoin will grow in the coming months, and he thinks the ongoing attacks from agencies like the Securities and Exchange Commission (SEC) will ultimately lead to the deaths of many phony altcoins, which he said are only inflating (and inadvertently hurting) the arena. He commented:
Now, I think that the public is beginning to realize that bitcoin is the next bitcoin. The next logical step is for bitcoin to [grow] ten times from here and then ten times again.
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- Source: https://www.livebitcoinnews.com/michael-saylor-is-clearly-not-done-buying-bitcoin/
