MicroStrategy, already renowned as one of the largest corporate holders of Bitcoin, has reaffirmed its unwavering faith in the cryptocurrency. On December 9, the company revealed that it had acquired an additional 21,550 BTC between December 2 and December 8 for a staggering $2.1 billion. The purchase was made at an average price of $98,783 per Bitcoin, signaling the company’s commitment to accumulating more BTC even as the asset hit unprecedented highs.
According to Michael Saylor, MicroStrategy’s co-founder, chairman, and former CEO, the company now holds 423,650 BTC acquired at a total cost of $25.6 billion, with an average price of $60,324 per Bitcoin as of December 8.
Saylor’s Billion-Dollar Vision for Bitcoin
Michael Saylor, a vocal Bitcoin advocate, doubled down on his bullish outlook in light of Bitcoin’s surge above $100,000 for the first time on December 5. Speaking on Yahoo Finance’s Market Domination, Saylor reiterated his long-term belief in Bitcoin, stating:
“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’s confidence comes amidst growing interest in Bitcoin as a store of value and hedge against inflation. His recent comments underscore his “hodl” philosophy, emphasizing his commitment to Bitcoin regardless of market fluctuations.
Bold Call: Replace Gold With Bitcoin
Saylor has also urged the U.S. government to rethink its stance on traditional assets like gold. Speaking on Yahoo Finance, he suggested the government divest its gold reserves in favor of Bitcoin:
“Dump your gold. Sell all the US gold, [and] buy Bitcoin. You could buy 5 million Bitcoin for the cost of the gold. You’ll demonetize the entire gold asset class. Our enemies hold gold in their banks, so their assets would go to zero. Our assets would go to a hundred trillion dollars.”
Saylor’s remarks highlight his view of Bitcoin as a superior alternative to gold, particularly in an era where inflation continues to erode the value of fiat currencies.
Interestingly, Saylor’s comments coincided with Federal Reserve Chair Jerome Powell acknowledging Bitcoin as a direct competitor to gold. While Powell dismissed concerns about Bitcoin threatening the U.S. dollar, the acknowledgment further cements Bitcoin’s growing status as “digital gold” in the eyes of institutional investors and policymakers.
