What's Hot

    Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High

    June 25, 2022

    Ava Labs launches a handy new feature

    June 25, 2022

    Dogecoin, a cryptocurrency of choice for criminals?

    June 25, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    THECRYPTNEWS
    • Home
    • News
    • Guides
    • NFT
    • Analysis
    THECRYPTNEWS
    Home » MicroStrategy is Only HODLing Bitcoin, Says the CEO
    News

    MicroStrategy is Only HODLing Bitcoin, Says the CEO

    AdminBy AdminJanuary 20, 2022No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Michael Saylor. Source: video screenshot / Bloomberg.com

    US-based software developer MicroStrategy has adopted its strategy to heavily invest in bitcoin (BTC) in a bid to survive in a tech market dominated by significantly bigger competitors, according to Michael Saylor, the company’s CEO. He also confirmed his holder stance, declaring that his firm was “only acquiring and holding bitcoin”.

    “MicroStrategy competes against Microsoft. We compete against companies a hundred times big as us,” Saylor told Bloomberg in an interview. He said that in 2020 he saw digital transformation as the winning strategy. “If you have the dominant network, the losing strategy is to continue to work, to work harder and exponentially harder for a currency growing exponentially weaker,” he said.

    According to the CEO, for MicroStrategy, it was either adopting the bitcoin strategy, or sell the company — and they decided to pursue bitcoin.

    Last December, the software firm announced they have spent a further USD 94m on BTC to hold on its balance sheet, bringing MicroStrategy’s total holding to a total of BTC 124,391 (USD 5.25bn).

    Saylor said he had “a sense of the consequences” if they did nothing because he had seen the demise of some 99% of MicroStrategy’s competitors.

    Asked whether he ever felt anxious about his company investing a major share of its funds into the cryptocurrency, Saylor declined, and said that he considered bitcoin an efficient hedge against inflation, stating:

    “I don’t really think we could do anything better to position our company in an inflationary environment than to convert our balance sheet to bitcoin, because we basically built a balance sheet on a non-sovereign store of value that’s not a currency derivative. “

    Saylor noted that a couple of years ago, the company was “sitting on a bunch of cash” that was losing about 10% of its purchasing power a year. Once the COVID-19 pandemic arrived and the US Federal Reserve “took a more accommodative monetary policy,” that cash started losing some 25% of its purchasing power, he said.

    “My anxiety was maximized around April, May of 2020 when we had a K-shaped recovery and I realized that cash is trash,” the CEO concluded.

    At 11:28 UTC, BTC is trading at USD 42,143. It’s up 0.5% in a day and down 4% in a week.

    ____

    Learn more:
    – MicroStrategy Has No Limits For Bitcoin Purchases, Discuss Sale Scenarios
    – USD 100K per Bitcoin ‘Hopium’ Now Moved to Mid-2022

    – How Global Economy Might Affect Bitcoin, Ethereum, and Crypto in 2022
    – Crypto Investment Trends in 2022: Brace for More Institutions and Meme Manias
    – Bitcoin and Ethereum Price Predictions for 2022

    – MicroStrategy Shares Jump as Firm Buys More Bitcoin at USD 49K
    – Bitcoin Mining Energy Use ‘Inconsequential,’ ‘Rapidly Becoming More Efficient’ – Saylor

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    Work on a Multi-CBDC Platform Has Revealed ‘More Questions Than Answers’ – BIS

    March 22, 2022

    Japan’s Crypto Exchanges Set to Speed ​​Up and Simplify Crypto Listing Process

    March 22, 2022

    Crypto Donations To ‘Freedom Convoy’ Evade Government Seizure

    March 22, 2022

    DeFiance Founder’s USD 1.76M Loss is a Lesson For NFT Investors

    March 22, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts

    • Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High
    • Ava Labs launches a handy new feature
    • Dogecoin, a cryptocurrency of choice for criminals?
    • Crypto.com receives regulatory green light in Singapore
    • FTX plans to acquire stake in BlockFi

    Recent Comments

    No comments to show.

    Subscribe to Updates

    Get the latest sports news from THECRYPTNEWS.

    Advertisement

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021

    Categories

    • Analysis
    • Guides
    • News
    • NFT

    The leader in news and information on cryptocurrency, digital assets and the future of money, THECRYPTNEWS is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube WhatsApp Reddit
    Top Insights

    Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High

    June 25, 2022

    Ava Labs launches a handy new feature

    June 25, 2022

    Dogecoin, a cryptocurrency of choice for criminals?

    June 25, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from THECRYPTNEWS

    Facebook Twitter Instagram Pinterest
    • Home
    Copyright © 2021 Thecryptnews.com

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    DMCA - Terms and Conditions - Privacy Policy