Despite millions of dollars in losses, this bitcoin evangelist has no intention of selling.
What crypto crash? While the rapid skid of crypto value has caused panic on social media and Wall Street, billionaire Michael Saylor seems to have kept his cool.
He won’t sell his bitcoin.
He doesn’t want his company MicroStrategy (MSTR) – Get MicroStrategy Incorporated Class A Report to let go of its almost $5 billion bitcoin pile, he told Bloomberg recently.
“Never. No. We’re not sellers,” he said. “We’re only acquiring and holding bitcoin, right? That’s our strategy.”
Michael Saylor, who has an estimated net worth of $1.7 billion, according to Forbes, doesn’t intend to ever change MicroStrategy’s multibillion-dollar bitcoin acquisition plan, despite a painful 46.8% slide in the cryptocurrency’s price since its all-time high on Nov. 10.
Bitcoin dropped 11% at $36,886.32 on Friday, and is now very far from its Nov. 10 all-time high of $69,044.77.
But Saylor, a bitcoin aficionado who bets big on the rise of the king of cryptocurrencies, explained on Twitter that he is in for the long term.
In late 2020, MicroStrategy became the first publicly traded company in the U.S to buy and hold bitcoin as part of its balance sheet. Since then, the business intelligence software maker has accumulated around 124,391 bitcoins worth about $4.58 billion at current prices, according to Bitcoin Treasuries.
Saylor, who believes that bitcoin will rebound, advises his followers not to panic. “Hodl don’t Trade,” he encouraged them on Jan. 15.
As bitcoins decline wiped out hundreds of millions of dollars on Jan. 18, he found solace in German literature.
The company’s stock has dropped 31% since the beginning of the year — suggesting Saylor may have chosen a risky strategy.
On Friday, MicroStrategy (MSTR) – Get MicroStrategy Incorporated Class A Report fell 17.84%.
