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On March 12, Michael Saylor, CEO of MicroStrategy, ad that the company had accumulated an additional 362 bitcoins, worth $ 15 million, adding to its huge treasure trove of BTC. At this point, Saylor and MicroStrategy have demonstrated to the market that they believe the dollar price versus bitcoin is irrelevant – they will accumulate bitcoin at any price.
The strategy behind this feverish build-up is pretty straightforward, really. Saylor said he believes the best way forward for the company is to do nothing but focus on its strengths: sell business intelligence software, take profits and store value … but not in dollars.
In an interview late last year, CNBC host Melissa Lee asked Saylor the question “Are you a software company or a Bitcoin hedge fund?” Saylor responded decisively.
“We have a cash-generating software company, but if we just wiped out fiat cash and allowed it to degrade at 15% per year, we would lose as much on the balance sheet as we generated from the P&L, so it doesn’t make sense, ”he replied. “[Bitcoin] it looks like it is fast becoming the main treasury reserve asset for people looking for a way to avoid big money inflation. “
Despite holding over 90,000 BTC, MicroStrategy continues to buy clips for $ 10-15 million. As of the start of this month alone, the company announced purchases of 328 BTC for $ 15 million on March 1, 205 BTC for $ 10 million on March 5 and, most recently, 362 BTC for $ 15 million on March 12. .
When one of the world’s largest publicly known bitcoin holders continues to accumulate as much of the world’s only absolutely scarce monetary asset as possible, it begs the question:
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