Michael Saylor said Microstrategy would continue to buy bitcoins despite the overwhelming fears prevailing in the market.
Michael Saylor, CEO and founder of Microstrategy reiterated his optimistic stance on Bitcoin, refuting rumors regarding the company being liquidated as BTC prices fell. Saylor has also reaffirmed its commitment to continue buying bitcoins.
Although Bitcoin is about to drop below $20,000, Michael Saylor firmly believes that buying Bitcoin nearly two years ago was the best decision.
In his view, the asset performed ten times better than gold, oil, the Nasdaq, and other options during that period.
In his latest interview with CNBC, Michael Saylor said the company would continue accumulating bitcoins at current prices. Declaring that BTC was a valued repository over a 10-year timeframe, he said that short-term volatility did not affect its nature. He added that over four years, all BTC holders, despite market conditions, will not lose money.
He explained that since BTC’s four-year moving average is around the $21,000 level, the current price is “a great buying opportunity.”
He noted that as MicroStrategy continues to generate cash flow, it will continue to buy bitcoins. MicroStrategy holds 129,218 BTC, with an average cost of about $30,700.
Saylor further said the $205 million loans from Silvegate Bank only account for a small percentage of the company’s balance sheet.
“On our multi-billion-dollar balance sheet, we only have a 200 million-dollar loan that we have to mortgage, and currently, the collateral is ten times more excessive.”
Therefore, he concluded that the company has a healthy balance sheet.
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