Earlier this week, MicroStrategy CEO Michael Saylor revealed that the company had acquired a further 3,907 bitcoins for about $177 million in assets during the year’s third quarter. According to Bloomberg, the company bought the coins for an expected cost of $45,294 per bitcoin. The following is an excerpt from Saylor’s tweet: “As of 8/23/21 we #hodl 108,992 bitcoins, purchased for about $2.918 billion at a median rate of us$ $26,769 per bitcoin, and after that Michael Saylor’s promise to buy additional bitcoin during the firm’s Q2 results call last month, the transaction has been completed.
Jeffries, an ATM facility, was purchased by MicroStrategy after selling off its class A common shares. At such an estimated net trading price of about $753.21 as during q3, MicroStrategy paid a lot of 238,054 pounds of the ATM facilities for around $177.5 million, for a total transaction size of € $177.5 million.
As a pioneer in the Bitcoin space, MicroStrategy has advocated for and assisted other corporations, such as Tesla, in converting their balance sheets from reliance on “dollars.” Notably, MicroStrategy does not engage in any Bitcoin lending or spend money on any other cryptocurrency, which departs from the norm. Before we get to the interview of the Michael Saylor, register yourself on the blockchain technology and learn all about the trading in Bitcoin currency.
Michael Saylor’s Most Recent Interview
The CEO of ETF Think Tank, Michael Saylor, recently revealed why his firm acquires bitcoin directly from exchanges and keeps it in their custody rather than lending it out. Also, according to the CEO of the software intelligence firm MicroStrategy, people underestimate bitcoin while exaggerating their expectations for everything else in the blockchain and cryptocurrency sectors.
Saylor is well-known for taking a straightforward approach to bitcoin investing — buy and keep. When questioned why MicroStrategy hasn’t lent out any of its bitcoin assets, he said that the single-digit return that may be obtained isn’t worth the additional risk, which was in response to the rise of numerous sites that provide the chance to earn interest on BTC.
“I believe the counterparty risk is significant,” Saylor said. “So the idea is that you’re taking 100 times the danger, and it’s ten times the difficulty – all for the sake of getting 5 percent more [per year].” One intriguing side effect that Saylor’s business has seen due to its bitcoin holdings is an increase in brand recognition.
As a result, it draws people’s attention, it is progressive, and it helps them to concentrate.” However, according to Saylor, genuine concentration is something that investors in the blockchain industry presently lack. With the increasing popularity of the “crypto novelty,” aided by aggressive marketing from the founding teams, less and less energy is devoted to Bitcoin.
As Saylor said, “I believe it is essential to recognize that Bitcoin is, by and large, the most predictable item in the whole blockchain world, while everything else is highly unpredictable.” “There is a great deal of ambiguity in the technological, security, legal, and execution domains. In a similar vein, many individuals have criticized Michael Saylor and MicroStrategy for allegedly concentrating only on bitcoin and ignoring other blockchain-based initiatives. However, the CEO of a software firm said that Bitcoin is the natural diversifier, enabling its investors to diversify their holdings away from conventional economies.
According to Saylor, “I believe that when you go into the blockchain sector, there’s simply a tremendous stack of danger.” “As a result, I believe that most individuals undervalue all of the risks associated with not purchasing Bitcoin and that they are thus underexposed. Not exchanging 250 or 500 different cryptocurrencies is where the value is found. There is a significant value in converting 50 trillion dollars in bonds into Bitcoin and converting 50 trillion dollars or 100 trillion dollars in residential housing. People should be much more engaged to Bitcoin and less connected to the rest of the world due to this.”
In the opinion of MicroStrategy’s CEO, placing a solid grip on cryptocurrency is not left to services and market firms alone. Saylor went on to say that if every business and government on the globe purchased bitcoin, all of the world’s issues would be addressed.