Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Microstrategy has USD $5 billion in Bitcoin, but will not sell them, CEO Michael Saylor said.
When Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. is falling, many investors are panicking and rushing to sell. After a peak price of USD $68,744.03, achieved on Nov. 11, 2021, according to data from Cryptomarkets, Bitcoin is currently going through a rough patch, with prices around USD $42,000.
However, despite the massive sell-off that is currently occurring due to fears of lower prices, MicroStrategy does not plan to sell any of its bitcoins. And that is the company with the highest accumulated amount.
The company’s CEO, Michael Saylor, is still a big believer in Bitcoin. In fact, it maintains in its profile of Twitter laser eyes that affirm their faith that the price of currency currency is a medium of exchange that defines value. will rise.
In an interview yesterday with Emily Chang of Bloomberg, Saylor stated that his company has no plans to sell its multi-billion dollar assets. He also talked about the rise and fall of his company during the dot-com boom, future plans to buy more of his company’s assets, and his company’s plans to sell its assets. Bitcoin and the expectations of pending regulation.
Don’t sell is your rule
Saylor doesn’t want MicroStrategy release his bitcoin pile of more than USD $5 billion, he told Bloomberg.
“Never. No. We are not salesmen, Dijo. “We’re just acquiring and holding Bitcoin, right? That’s our strategy.”
Saylor said the fall of Bitcoin is not concerned about and that its reserve provides a “great comfort “because inflation is very high.
He assured that he would not be tempted to sell the cryptoasset, even in the face of an extended bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market.
By the end of 2020, MicroStrategy became the first publicly traded company in the U.S. to buy and hold bitcoins as part of its balance sheet. Since then, the business intelligence software maker has amassed around 124,391 bitcoins worth some US$5.2 billion at current prices.
For months he has been making investments every time he sees dips. For example, on December 30, 2021 revealed that he acquired 1,914 bitcoins for about USD $94.2 million in cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. at an average price of about USD $49,229 per Bitcoin. A price higher than the current price.
It is worth noting that the average price of the purchases of Bitcoin that MicroStrategy has made since the end of February is higher than the token’s current trading levels. In other words, it has invested more than its current holdings. However, Saylor is confident about the future.
Saylor told Bloomberg que is not worried about the fall of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. and said the company’s holdings are actually a source of “great comfort” given that inflation is so high.
“The best defense against inflation a general increase in prices and fall in the purchasing value of money. is a Bitcoin standard.” Dijo. “So, I really don’t think we can do anything better to position our company in an inflationary environment than converting our balance sheet into Bitcoin.”
Saylor remains optimistic about Bitcoin because of their concern about inflation generated by the inorganic issuance of fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. money by central banks.
“I had an idea of the consequences if we did nothing, because I had seen the demise of 99% of my competitors, and I could see where we were headed if we stuck to the status quo.” , dijo. “ We would either have to adopt a Bitcoin strategy or sell the company. And we chose to stick with Bitcoin.
Saylor, who previously called the cash a “melting ice cube” expects more names on Wall Street to buy in. Bitcoin at current prices, saying that it is “a great entry point for institutional investors”.
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