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MicroStrategy CEO Michael Saylor abandons plans to sell Bitcoin

MicroStrategy CEO Michael Saylor has no plans to sell Bitcoin (BTC) on the company's balance sheet.

In an interview with Bloomberg TV, Saylor pointed out that spot ETFs have opened the gates for the inflow of institutional capital into the BTC ecosystem and that this type of fund contributes to the digital transformation of capital.

“Every day, hundreds of millions of dollars of capital flow from the traditional analog ecosystem into the digital economy.”

Michael SaylorCEO of MicroStrategy

Bitcoin's value, currently just over a trillion dollars, competes with asset classes such as gold, real estate or even the S&P index – all of which have a market capitalization several times larger than Bitcoin's, Saylor said.

BTC, Saylor argues, outperforms them all.

“We believe capital will continue to flow into Bitcoin from these asset classes because Bitcoin is technically superior to these asset classes and there is simply no reason to sell the winner and buy the losers in this case.”

Michael SaylorCEO of MicroStrategy

MicroStrategy began purchasing Bitcoin in August 2020 and has continued to expand its portfolio. Last month, the company purchased 850 BTC for $37.2 million. After this purchase, MicroStrategy's Bitcoin reserve reached 190,000 BTC. According to CoinMarketCap data, BTC is trading at $51,800 at the time of writing. The company's assets are valued at approximately $9.8 billion at current exchange rates.

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