After launching an unprecedented public Bitcoin buying spree, MicroStrategy founder and CEO Michael Saylor is revealing just how much BTC he’s amassed.
In a new interview on the Funky Crypto Podcast, Saylor says he has bought tens of thousands of Bitcoin through various organizations he is affiliated with.
“I have bought either through MicroStrategy or through entities I control, 88,000 Bitcoin. I never sold one Satoshi.”
At its current price of roughly $29,000, Saylor’s Bitcoin stash is worth over $2.5 billion. In the interview, Saylor advocates for a long-term holding strategy when asked whether Bitcoin investors should take some profits now as the cryptocurrency keeps hitting new record highs.
“I think the way you use Bitcoin is as a long-term savings account. So, if you want to have a portion of your money that you like to gamble with and speculate with and bet on things you are passionate about, take that part of your money and invest it in new ventures or invest it in cool things. Take another portion of your money that you want to save for the next 20 years or 30 years and put that in Bitcoin. Just leave it there, and don’t get caught up in all the back and forth…
How are you going to feel if you sell it at $27,000 and then you wake up one morning and it goes to $82,000… when it goes to $167,000… when it goes to a million. When it goes to a million, are you going to be bragging that you bought it at $0.019 million and you sold it at $0.022 million? Aren’t you going to feel freaking stupid? Like I bought it at $0.019 million and I sold it at a 50% gain at $0.023 million and I lost a million!”
Saylor also says he believes the volatility experienced during Bitcoin’s first decade is unlikely to be repeated going forward.
“In the first decade, Bitcoin was dominated by a bunch of traders with leverage in offshore exchanges and they were speculators. That was one group of people. This year after March you’ve got insurance companies, corporations, treasuries, institutional investors. They are buying this stuff instead of gold. They are buying it to hold it for a decade as an inflation hedge. They are not using leverage, they are not using offshore exchanges, they are not speculators.
Their mindset is, ‘I’m going to hold it for 10 years. What can I buy that’s better? If I sell it, I’m going to generate a tax bill and I’m going to buy something inferior.’ So, they are not going to sell it and that means you are not going to see that kind of volatility… The volatility of Bitcoin is decreasing since March and the volatility of everything else is increasing… Bitcoin is moving from its first 10 years to its next 10 years. And it’s a much more mature asset.”