Michael Saylor, the founder of MicroStrategy, stated in an interview with Bloomberg that the company has no plans to sell its bitcoin holdings in the near or long term.
“There is no reason to sell winners and buy losers,” Saylor noted.
In his view, spot ETFs have paved the way for institutional capital in the bitcoin ecosystem. The MicroStrategy founder believes that exchange-traded funds based on digital gold are transforming the market by bringing in “hundreds of millions of dollars” daily.
Bitcoin, with a market capitalization slightly above $1 trillion at the time of writing, competes with and surpasses larger traditional assets like gold, real estate, and the S&P 500 index, Saylor noted.
“We believe that capital will continue to flow from these asset classes into bitcoin because it is technically superior to them,” he emphasized.
MicroStrategy first began purchasing digital gold in August 2020 and has consistently added to its portfolio since then.
In February 2024, the firm acquired an additional 850 BTC for $37.2 million, bringing its digital gold reserves to 190,000 BTC (~$9.81 billion at the time of writing).
Earlier, Saylor stated that the absence of spot bitcoin ETFs for 10 years had restrained investor demand for the asset. He suggested that the first cryptocurrency could either fall to zero or rise to $1 million.
As reported in earlier news, MicroStrategy intends to refocus as a “developer of bitcoin and related products.” Since its inception, the firm has concentrated on creating and supporting analytical software.