MicroStrategy’s CEO, Michael Saylor, revealed on March 12 that the firm had acquired another 362 bitcoin worth $15 million, contributing to its massive BTC deposits. At this stage, Saylor and MicroStrategy have shown to the public that the dollar price of bitcoin is unimportant to them; they will buy bitcoin at any value.
The tactic behind this frenetic collection is really very easy. Saylor also confirmed that he thinks the only way for the firm to go forward is to rely on its abilities: selling business analytics tools, making a profit, and preserving value. However, they will not choose dollars.
CNBC presenter Melissa Lee questioned Saylor in a discussion, “Are you a software company or a bitcoin hedge fund?”, Saylor was firm in his response.
He said that, “We do have a software company generating cash, but if we simply swept the cash into fiat currency and allowed it to debase at 15 percent per year, we’d be losing as much on the balance sheet as we generated from the P&L, so that didn’t make sense […] [Bitcoin] looks like it’s emerging as the primary treasury reserve asset for people that are looking for some way to avoid the great monetary inflation.”
MicroStrategy proceeds to invest in $10 million to $15 million dollar clips while having over 90,000 BTC. After the beginning of the month, the firm has reported acquisitions of 328 BTC for $15 million on March 1, 205 BTC for $10 million on March 5, and 362 BTC for $15 million most lately on March 12.
When one of the world’s most well-known bitcoin investors proceeds to amass as much of the world’s only truly precious monetary commodity as practicable, it raises the concen: