Michael Saylor reaffirms MicroStrategy’s plan to continue buying Bitcoin

MicroStrategy is not backing away from its strategy of buying and accumulating Bitcoin, despite the ongoing market decline. This was stated by the company’s executive chairman Michael Saylor, according to CoinDesk.

On Thursday, November 10, amid the FTX crisis, the price of the leading cryptocurrency touched below $16,000 — near a two-year low. As of writing, quotes had recovered to around $17,350.

Saylor acknowledged that the situation looks like a roller coaster for digital gold. However, he noted that Bitcoin has fallen to levels that are still about 33% higher than those during its first purchase by MicroStrategy in 2020. Over that period the company’s shares rose by 38%, outpacing tech giants such as Apple or Amazon, the founder noted.

“Our shareholders are ahead, so we intend to stick with the Bitcoin-buying strategy because it works,” said Saylor.

After the September purchase of 301 BTC for $6 million, MicroStrategy’s reserves reached 130,000 BTC. The company has invested around $3.98 billion in the cryptocurrency. The current value of the assets is approximately $2.25 billion.

In August, Saylor said MicroStrategy had made the right choice, and Bitcoin had outperformed rivals. He had in mind traditional assets such as gold, silver, bonds or the S&P 500 and Nasdaq indices.

However, according to Blockchain Center analysts, if the company had invested in Ethereum instead of the first cryptocurrency, by early November it could have earned $1.6 billion against a $1.3 billion loss.

As noted earlier, Saylor has repeatedly described Bitcoin as the most reliable thing in a volatile world and a global reserve asset.

In September, he forecasted a new all-time high for digital gold within four years.

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