MicroStrategy Adds 21,550 Bitcoin and Advocates for the U.S. To Drop Gold

MicroStrategy, one of the largest corporate Bitcoin holders, has increased its Bitcoin reserves amid record-breaking prices surpassing $100,000.

The company announced on December 9th that it purchased 21,550 Bitcon between December 2nd and December 8th for $2.1 billion, at an average price of $98,783 per Bitcoin. 

This brings MicroStrategy's total holdings to 423,650 Bitcoin, acquired at a total cost of $25.6 billion, averaging $60,324 per Bitcoin, according to co-founder and executive chairman Michael Saylor.

MicroStrategy’s latest acquisition came shortly after Bitcoin surpassed $100,000 on December 5th, marking a significant milestone for the asset. Despite the surge, Saylor has reaffirmed his long-term confidence in Bitcoin.

“I’m sure that I will be buying Bitcoin at $1 million a coin — probably $1 billion dollars a day of Bitcoin at $1 million a coin,” Saylor stated during an interview on Yahoo Finance’s Market Domination.

Saylor’s Advocacy for Bitcoin Over Gold

Saylor has also suggested that the U.S. government could benefit from replacing gold reserves with Bitcoin to hedge against inflation.

“Dump your gold. Sell all the US gold, [and] buy Bitcoin, then the trade is free because you can buy 5 million Bitcoin for the cost of the gold. You will demonetize the entire gold asset class, and our enemies hold gold in their banks, so their assets would go to zero. Our assets would go to a hundred trillion dollars,” he remarked during the same Yahoo Finance interview.

Federal Reserve Chair Jerome Powell recently acknowledged Bitcoin’s status as a competitor to gold but stated it poses no threat to the U.S. dollar.

MicroStrategy’s strategy reflects its strong belief in Bitcoin as a long-term asset.

Source link