Just weeks ago Bitcoin seemed to be rallying on the news that competitive and successful companies were deciding to convert large portions of their cash reserve into Bitcoin.
MicroStrategy, the billion-dollar, NASDAQ traded business intelligence company instantly became one of the most notable bitcoin bulls out there when they announced that they purchased 21,454 BTC for $250 million US dollars.
In keeping with past price movements, Bitcoin suffered yet another pull back. This time, the “dip” hovered around the $10,000 mark.
But the dip has not deterred MicroStrategy. CEO Michael Saylor has reiterated his stance that Bitcoin is not only here to stay, but “superior to cash,” and on the brink of huge price gains.
“On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.”
Although MicroStrategy CEO, Michael Saylor has placed his company near the eye of the Bitcoin hurricane, he did not always carry such an optimistic tone when it comes to the digital asset.
“Lacking a credible sponsor, #Bitcoin is in imminent danger of being regulated out of existence.”
In December of 2013 Saylor was not so sure about the future of Bitcoin.
“#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling”
Fast forward to 2020 and it’s clear that Saylor and MicroStrategy believe it’s necessary to own BTC as they make another 9 figure purchase.
Not to be outdone, long time bitcoin bull and the Founder and CEO of Digital Currency Group Barry Silbert, made it sound like his Grayscale Bitcoin Trust would counter with a Bitcoin buying frenzy of their own.
It’s telling to see how investors and groups react to Bitcoin’s volatile moves. For a company like MicroStrategy to remain confident in their move to Bitcoin in the face of a price pullback, shows that they were prepared for sharp turns and are more focused on the long run.