One of the most prominent supporters of Bitcoin is Michael Saylor, the founder, and CEO of MicroStrategy, a software intelligence company. Saylor has been buying large amounts of Bitcoin since 2020, believing that it is a superior store of value and hedge against inflation than traditional assets like gold or fiat currencies.
MicroStrategy’s bold move into the crypto market
On June 28, 2023, Saylor announced that MicroStrategy had acquired an additional 12,333 BTC for $347 million at an average price of $28,136 per Bitcoin. This brought the company’s total Bitcoin holdings to 152,333 BTC, worth over $4.5 billion at the time of writing. MicroStrategy remains the world’s largest corporate owner of BTC, holding more than 0.7% of the total supply.
MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin. $MSTR https://t.co/joHo1gEnR0
— Michael Saylor⚡️ (@saylor) June 28, 2023
Saylor’s move came amid a bearish market sentiment for Bitcoin, which had dropped by more than 50% from its all-time high of over $60,000 in April 2023. Many analysts attributed the decline to regulatory crackdowns in China, environmental concerns, and profit-taking by investors.
However, Saylor remained bullish on Bitcoin’s long-term prospects, stating that he was not concerned about short-term price fluctuations and that he viewed Bitcoin as a generational investment opportunity.
Saylor’s strategy of buying the dip has been praised by many Bitcoin enthusiasts, who see him as a visionary leader and a role model for other corporations to follow. Some even dubbed him the “King of Bitcoin” or the “Saylor Effect” for his positive impact on the market.
Others, however, criticized him for being too risky and reckless with his company’s balance sheet, arguing that he was exposing MicroStrategy to unnecessary volatility and potential losses.
Regardless of the opinions, Saylor’s actions have undoubtedly made him one of the most influential figures in the cryptocurrency space. His relentless advocacy and accumulation of Bitcoin have also contributed to the adoption and awareness of the digital asset among institutional and retail investors alike.
As he once said, “Bitcoin is not just a currency. It’s not just a store of value. It’s a digital monetary network that will transform everything.”