Well-known cryptocurrency advocate Michael Saylor has recently revealed that he personally owns more than $1 billion worth of Bitcoin. Speaking to Bloomberg, Saylor delved into the leading crypto, calling it “cyber Manhattan,” noting there is never a bad time to invest in prime real estate.
Saylor’s business intelligence firm, MicroStrategy, recently added to its growing Bitcoin stash. Specifically, the company purchased another 169 BTC worth more than $11 million to start the year. Saylor said they are “always buying Bitcoin,” while noting accumulation of the cryptocurrency is a long-term strategy.
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Saylor Reveals Massive Bitcoin Holdings
Although 2024 has been a monumental year for Bitcoin, Michael Saylor has long been an advocate. He has continued to praise the virtues of the asset class for several years. Moreover, his company has held firm to an accumulation strategy that is banking on its continued development.
Speaking to Bloomberg, Michael Saylor revealed that he personally owns more than $1 billion worth of Bitcoin. Indeed, he discussed Monday’s market crash that greatly affected BTC. Specifically, Saylor said that kind of volatility is a “feature, not a bug,” in Bitcoin’s makeup.
Source: CNBC
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“The volatility [of Bitcoin] creates tens of billions of dollars of credit and liquidity at all times everywhere, to everyone in the world, in the short term,” Saylor said. Moreover, he noted that the long-term volatility drives, “superior asset performance and durability.”
The MicroStrategy CEO called BTC “superior to physical capital or financial capital.” Moreover, he lauded the crypto’s ability to “create generational wealth for your family, your corporation, or your country.”
That superiority has led to his all-around embrace of it. Not only does Saylor himself own massive holdings, his company currently holds more than 214,000 BTC. At a total cost of more than $7.4 billion, their strategy has allowed them to buy one Bitcoin at an average of just over $35,100.
