‘Gonna keep buying’ Bitcoin, Michael Saylor on BTC’s journey to $100K
Journalist
Posted: December 14, 2024
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- Michael Saylor remains a strong advocate for Bitcoin, focusing on its long-term value and adoption.
- MicroStrategy continues to lead in Bitcoin investment, with substantial acquisitions and capital market initiatives.
Michael Saylor has consistently remained a strong advocate for Bitcoin [BTC], even during its bearish phases. Now, as BTC recently hit the $100K milestone, it was no surprise that Saylor shared his insights on the matter.
Saylor on Bitcoin stabilizing at $100K
In a conversation with Alex Thorn, Head of Firmwide Research at Galaxy, Saylor remarked,
“I think it’s an important milestone because when you get to the six figure level, I think it sends the message to people that Bitcoin is here to stay.”
Explaining his viewpoint, Saylor explained that throughout its journey, Bitcoin has evolved through various phases. For those unaware, initially, BTC’s identity and viability were subjects of intense debate and uncertainty.
Then the Blocksize Wars further complicated its understanding, as different factions fought over its true purpose.
Between 2020 and 2024, the focus shifted to Bitcoin’s acceptance by institutions, governments, and traditional markets as skepticism prevailed.
However, since the 5th of November, BTC surged remarkably, climbing from $67k to over $100k. This solidified its position as an influential force in finance.
In an interview with CNBC, Saylor highlighted the 2024 U.S. presidential election’s impact on Bitcoin’s future.
He stated,
“The election of 2024 is the single biggest thing that has happened in the past four years for Bitcoin,”
Here, he emphasized the political environment’s role in shaping Bitcoin’s trajectory.
Microstrategy’s Bitcoin commitment
Additionally, Saylor’s company, MicroStrategy, has further solidified its commitment to Bitcoin by making a significant move in capital markets.
MicroStrategy issued a $21 billion equity shelf registration and a $21 billion fixed-income plan. This set a new benchmark in the financial world for the largest offering of such nature ever.
Recently, MicroStrategy made headlines by acquiring an additional 21,550 Bitcoins. This brings its total holdings to 423,650 BTC, valued at $25.6 billion.
This strategic move underscores the company’s commitment to Bitcoin as a core asset. It positions MicroStrategy as a leader in the adoption of digital currency for long-term value.
Saylor on Bitcoin’s long-term potential
In a separate interview with Barstool Sports’ founder Dave Portnoy, Saylor also addressed concerns about Bitcoin’s rising price.
Despite BTC reaching $100,000, Saylor dismissed the idea that it has become too expensive, emphasizing his unwavering focus on long-term investment regardless of short-term fluctuations.
Saylor stressed,
“I’m gonna keep buying.”
He added,
“I’ll be buying it at a million dollars a coin and I’ll probably be buying it at the rate of a billion dollars a day at a million dollars a coin, because that’s what I do.”
In the meantime, Bitcoin continued its upward trajectory, trading at $100,378.15, at press time, with a minor 0.02% increase over the past 24 hours as per CoinMarketCap.
Whereas, MicroStrategy’s MSTR stock faced a decline of 4.67%, closing at $392.19 according to Google Finance.
