On March 12, Michael Saylor, CEO of MicroStrategy, announced that the company had accumulated another 362 bitcoins, worth $ 15 million, adding to its huge BTC treasure. At this point, Saylor and MicroStrategy have demonstrated to the market that they feel that the dollar price in relation to bitcoin is irrelevant – they will accumulate bitcoin at any price.
The strategy behind this feverish build-up is quite simple, actually. Saylor said he believes the best way forward for the company is to do nothing but focus on its strengths: selling business intelligence software, making a profit and storing value … but not in dollars.
In an interview late last year, CNBC host Melissa Lee asked Saylor the question “Are you a software company or a bitcoin hedge fund?” Saylor replied decisively.
“We have a software company generating cash, but if we simply put the money in fiat currency and allowed it to be devalued by 15 percent a year, we would be losing on the balance sheet as much as we generate in P&L, so it didn’t make sense,” he replied. . “[Bitcoin] it seems to be emerging as the main reserve asset of the treasury for people looking for some way to avoid high monetary inflation. “
Despite having more than 90,000 BTC, MicroStrategy continues to buy clips from $ 10 million to $ 15 million. Since the beginning of this month, the company has announced purchases of 328 BTC for $ 15 million on March 1, 205 BTC for $ 10 million on March 5 and, more recently, 362 BTC for $ 15 million on March 12 .
When one of the largest publicly known bitcoin holders continues to accumulate as much as possible of the only absolutely scarce monetary asset in the world, it begs the question: