At the webinar, held on October 30, Michael Saylor, CEO of MicroStrategy, called Bitcoin one of the best things to ever happen to the crypto world. As a consequence, he stated that “Bitcoin is a $ 250 trillion solution.”
As a curious fact, MicroStrategy Incorporated (MSTR) currently owns the largest amount of Bitcoin, among all companies that are listed on the stock exchange.
Bitcoin is a solution
In this regard, in the webinar Michael J. Saylor, explained to Dan Held from Kraken, why the world’s largest cryptocurrency is the solution to a “$ 250 trillion problem.”
In fact, in his speech, Saylor expressed that Bitcoin is a solution, because it has a fixed supply and cannot be affected by inflation.
“99.9% of people do not understand the solution. But, with a market capitalization of $ 250 billion, we are a little past the point where government regulators, hackers or others could have removed it.”.
MicroStrategy and your purchase of cryptocurrencies
Sure enough, MicroStrategy, the largest publicly traded independent business intelligence company, announced that it has bought 21,454 Bitcoins. At a total purchase price of $ 250 million, including fees and expenses.
“We acquire 21,454 BTC through 78,388 transactions, and then we secure it with 18 more transactions. Without a doubt, Bitcoin scales very well as a store of value”.
Later, Saylor expressed: «99.9% of all assets in the world are in alternative assets: $ 250 trillion in bonds, stocks, real estate, precious metals and derivatives. While there is only a $ 250 billion market capitalization for Bitcoin«.
Next, Phong Le, President and CFO of MicroStrategy, said: “I think spending $ 250 million on Bitcoin will provide an opportunity for better returns”.
Of course, the news quickly spread across multiple Bitcoin-centric social media platforms. Really, there was no lack of expressions of joy among those who shared their opinions about this purchase.
Because of this, the statistic Willy woo, said: “Since MicroStrategy took six months to approve its switch to Bitcoin, any copycat moves would start to emerge in 2021”.
MicroStrategy CEO owns $ 240 million in Bitcoin
Additionally, Michael Saylor revealed that he owns around $ 240 million in Bitcoin. Specifically, he said in a tweet that he has 17,732 BTC that he bought at $ 9,882 each on average.
“Personally, I have 17,732 BTC. I just informed MicroStrategy about my personal investments. Before the company decided to buy Bitcoin, for itself”.
Most importantly, Saylor affirmed that the decision to invest in Bitcoin was driven by the current economic and commercial situation globally. Likewise, it has considered the existence of possible future risks that threaten its corporate treasury program.
In closing, since his purchase of Bitcoin, the CEO has been a strong advocate for it. At the same time, he has rated the cryptocurrency as the best store of value, far better than gold stocks.
I retire with this phrase from Eric Schmidt: “Any informed person must know Bitcoin. Because this is perhaps one of the most important developments in the world”.