Michael Saylor, CEO of Microstrategy revealed that his company still holds a significant amount of bitcoin despite its recent sell-off.
Michael Saylor, CEO of Microstrategy revealed that his entities still hold BTC. He also said that he would not be able to provide a full report on what happened with the coins until next year.
- Saylor’s entities have a total of 111,000 BTC and have not sold a single satoshi.
- He recognizes that BTC will play a significant role in the future of finance.
- Within eight days, the price of ETH has dropped by 50%.
Microstrategy’s CEO, Michael Saylor, has revealed that companies under his control had a total of 111,000 Bitcoin. Furthermore, on the day when Bitcoin’s price plummeted, none of them sold a single satoshi.
It was a new 3-month low price of $30,681, eroding Microstrategy’s earnings by more than $1 billion.
Furthermore, Saylor’s firm owns over $2 billion in Bitcoin, and he knows how Bitcoin works and what role Bitcoin will play in the future of finance. He has most likely established himself as a prominent person in the Bitcoin community.
I currently have 111,000 #BTC in my possession and have not sold a single satoshi. #Bitcoin is here to stay.
May 19, 2021 — Michael Saylor (@michael saylor)
Even while other investors, like as Elon Musk, have abandoned their intentions to buy $1.5 billion in Bitcoin, Saylor is committed to holding Bitcoin for as long as it takes.
MicroStrategy is generally recognized with pioneering the use of Bitcoin as a treasury hedge since it was one of the first companies to purchase Bitcoin on their balance sheet. They started buying bitcoin when it was going for $10,000 at the end of August last year.
Furthermore, they have continued to purchase in cash as well as on credit in the form of the company’s senior convertible notes.
In only 24 hours, the Bitcoin market has plummeted.
The Chinese crypto prohibition was seen as the catalyst for panic selling among short-term investors. Furthermore, on a bad day, the market sell-off wipes away more than $500 billion from the crypto market.
All exchanges saw high traffic as a consequence of the massive catastrophe, and almost all of them were unable to manage the rush. Binance, CoinBase, Huobi, and Coinmarketcap all had a brief outage.
Furthermore, the crypto market is showing indications of recovery, with BTC recovering its position above $35,000 after dropping below $30,000. Ether, on the other hand, has exceeded $2,500 after dropping half of its market value in the eight days since its all-time high of $4,372.
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Michael Saylor, CEO of Microstrategy has revealed that his entities still hold BTC. He believes that the cryptocurrency will be worth more than $50,000 in the future. Reference: microstrategy bitcoin holdings.
Frequently Asked Questions
What is Michael Saylor saying about bitcoin?
Michael Saylor is a cryptocurrency trader and investor. He believes bitcoin will be the currency of the future, but he does not believe it will replace fiat currency.
Did Michael Saylor buy more bitcoin?
What is MicroStrategy doing with bitcoin?
MicroStrategy is a provider of enterprise resource planning software. They are currently working on integrating bitcoin into their system in order to provide a unique payment option for customers.
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