Godfrey Benjamin
MicroStrategy has made a great bet with Bitcoin as Michael Saylor presents evidence
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Michael Saylor, the founder and chairman of business intelligence firm MicroStrategy Incorporated, doesn’t mince his words when it comes to saying that his Bitcoin (BTC) bet is a good play. On his official
During this time, Bitcoin is up 147%. The leading coin dwarfed its closest competitor, the S&P 500, which tracks the performance of 500 stocks traded on U.S. exchanges. Since August, the S&P 500 has grown 26%. Next up is the technology stock Nasdaq Composite with growth of 18% since August 2020 compared to 147% for Bitcoin.
Bitcoin is often touted as a viable hedge against inflation and is often referred to as digital gold, which is one of the reasons MicroStrategy is going all out. Physical gold is down 3% compared to Bitcoin’s performance, while silver and bonds are down 19% and 24%, respectively.
Judging by the prospects of the comparative alternatives, Saylor delivered his verdict, stating that “Bitcoin is stronger.”
MicroStrategy Inspiration
MicroStrategy remains the most consistent Wall Street firm with a bullish stance on Bitcoin. The company has not abandoned its Bitcoin acquisition since August 2020 and recently acquired an additional 5,445 BTC units.
This latest acquisition was valued at $147.3 million and brings the company’s total holdings to 158,245 BTC, acquired for approximately $4.68 billion. While MicroStrategy’s total holdings may not be profitable at the moment due to the asset’s average price, the fact that Bitcoin has outperformed other potential assets overall justifies its investment.
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his extensive experience in various aspects of Web3, Godfrey’s articles have been published on Blockchain.news, Cryptonews and Coingape, among others.
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