In a tweet to his over 1.5 million followers, Michael Saylor, the Founder and CEO of MicroStrategy (MSTR) announces the purchase of another 5050 BTC. MicroStrategy has been one of the leading BTC accumulators this year. The acquisition was approximately $25 million. The Investment fund managed to scoop up this much BTC at an average cost of $48,099 per BTC.
Who is Michael Saylor?
The Chairman and CEO of MicroStrategy (more like MicroStrategy) is also Alarm.com (ALRM) founder. Both of these companies are publicly traded on New York Stock Exchange (NYSE), among other platforms. The man is also an inventor, having appeared in 40+ patents. He has also authored a book titled ‘The Mobile Wave”. Clearly, Michael is a force to reckon.
Mr. Saylor also has a philanthropic side to him. His private NGO company, Saylor Academy, has reportedly provided education to over 800,000 students. Perhaps one of his greatest legacies is his passion for the Bitcoin Standard (as seen by his massive drive for BTC adoption).
Why is MicroStrategy Acquiring So Much BTC?
As of September 13, 2021, MicroStrategy holds 114,042 BTC. This is a massive amount by the current market prices. Michael Saylor has been on numerous interviews citing that Bitcoin has been nothing but advantageous to his company. In an interview with CNBC, he said BTC elevated his business by a factor of 100.
He also told Cointelegraph that there was no reason to not hold BTC for 100 years. Evidently, Saylor is in love with Bitcoin. It’s almost as if he knows something the rest of us don’t.
The best answer to this million-dollar question is one word: Scarcity. Scarce resources have always been valuable, like gold. BTC has been dubbed the digital gold, although many critics, like Peter Schiff, have been going on about bitcoin’s instability.
The current National debt of the United States stands at $28 trillion. According to many financial analysts, a major global economic crash is coming. It would seem like Mr. Saylor is hedging his funds against the crash in BTC.
The State of Bitcoin Adoption
Since Michael Saylor started picking up BTC for his company’s balance sheets, there has been a massive BTC rally. Some might even say he single-handedly started the 2021 bull market.
After MicroStrategy bought hefty amounts of Bitcoins, companies like Tesla began to looking into BTC and even bought some. El Salvador, an entire nation, made BTC a legal tender. Currently, there is a very potential possibility of Ukraine legalizing BTC to be used as money.
In the recent past, Elon Musk criticized Bitcoin as being unsustainable because of its high energy consumption during mining. This was after his company, Tesla, acquired BTC.
So What are you Waiting for?
Do you own BTC yet? The adoption is inevitable. Multinational conglomerates and governments are buying up BTC. Over the past 10 years, BTC has gained over 9,000,000%, a mind-blowing ROI. Aluta Continua.