On March 12, Michael Saylor, CEO of MicroStrategy, has announced that the company has accumulated another 362 bitcoins, worth $ 15 million, in addition to its huge BTC treasury. At this point, Saylor and MicroStrategy have shown the market that they believe the price of the dollar against bitcoin is irrelevant – they will accumulate bitcoin at any price.
The strategy behind this feverish build-up is quite simple, indeed. Saylor said he believes the best way for the company is to focus on its strengths: selling business intelligence software, taking profits and storing value … just not in dollars.
In an interview late last year, CNBC host Melissa Lee asked Saylor, “Are you a software company or a bitcoin hedge fund?” Saylor answered firmly.
“We have a software company that generates cash, but if we simply move cash into fiat currency and allow it to decrease by 15% per year, we would lose as much in the balance sheet as we generated from P&L, so that didn’t make sense, “he replied. “[Bitcoin] it appears to be the main treasury reserve asset for those looking for a way to avoid high monetary inflation. ”
Despite owning over 90,000 BTC, MicroStrategy continues to buy clips for $ 10 million to $ 15 million. Earlier this month alone, the company announced acquisitions 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 largest publicly known bitcoin holders continues to accumulate as much of the world’s scarce monetary assets as possible, the question arises: