MicroStrategy is prepared to HODL its bitcoin for at least a century.
In the last two months Saylor has transformed his company's once-sleepy cash surplus into a nearly half-billion-dollar bet on bitcoin, the "Digital gold" Saylor is certain will outlast his tenure.
"I went down the rabbit hole" during COVID-19, Saylor said, admitting he "Was wrong" to have doubted bitcoin back in the $600 range.
One for $30 million in July 2019.Fast forward to 2020, and Saylor found himself reading up on bitcoin.
Saylor said he pored over essays by "Bitcoin luminaries," listened to Nathaniel Whittemore's and Anthony Pompliano's crypto podcasts, scoured the internet for Peter Schiff's bitcoin debates with Erik Voorhees and lost himself in Andreas Antonopoulos' media empire.
Six days later MicroStrategy poured all $250 million of its inflation-hedging surplus into bitcoin.
Its board of directors had recognized bitcoin as MicroStrategy's primary treasury reserve and hinted in an SEC filing that more buying could be on the way.
As of press time, MicroStrategy has converted $425 million into bitcoin.
The stock has surged 30% since its first bitcoin buy on Aug. 11.
MicroStrategy has settled on bitcoin as the treasury alternative.
Bitcoin CEO: MicroStrategy's Michael Saylor Explains His $425M Bet on BTC
Published on Sep 15, 2020
by Coindesk | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.