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- Along with the overall crypto market, Bitcoin (BTC) has also witnessed quite bearish moves off late.
- But Michael Saylor, one of the vehement supporters of BTC still remains supportive of the crowned cryptocurrency.
- At the time of writing, Bitcoin is trading at $29,425 and is up by around 0.09% in the last twenty-four hours.
Saylor Has A Firm Confidence In Bitcoin (BTC)
The overall crypto industry has witnessed a lot of changes and bearish trends and they were quite obvious in the prices of several crypto assets.
But despite the losses his company has faced during the crowned cryptocurrency’s price fluctuationsMicroStrategy’s Michael Saylor highlights that he remains a bitcoin (BTC) fan and he will never doubt the potential and abilities of the asset.
Bitcoin is currently trading at $29,425 with a market cap of $560,638,802,985 and is up by around 0.09% in the last twenty-four hours. It is ironic that only around six months ago, Bitcoin witnessed its All-Time High by reaching around $60,000. And now it is down by over 50%.
And things are not looking very good and MicroStrategy’s CEO has lost significantly due to massive investments in the cryptocurrency.
MicroStrategy is one of the biggest institutional supporters of Bitcoin with a massive reserve of asset. The company initially traded and bought bitcoin in August of 2020, back then, very few companies as large as MicroStrategy, were taking such a move. It purchased approximately $250 million in BTC and then further added to this purchase following a few weeks.
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The company did not wobble earlier when Bitcoin saw bearish trends and it seems to do it at current times either.
Surprisingly, Saylor’s firm held roughly $5 billion and now it holds under $4 billion worth of the asset. That signifies that during the past months, MicroStrategy has shredded over $1 billion in BTC holdings.
But this does not put off Saylor, who has sworn up and down that his company will go on with its plans to purchase Bitcoin for as long as the asset class exists.
According to the chief financial officer of MicroStrategy, Phong Le who highlighted in an interview, to reiterate their strategy, they seek to accumulate and hold bitcoin long term.
And that they view their bitcoin holdings as long-term holdings and do not currently plan to engage in sales of the currency. They raised $205 million as an interest-only loan for a term of three years, which is collateralized by bitcoin. The loan matures on March 23, 2025.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
