The chief executive of Microstrategy said he has never been more bullish about crypto after increasing the firm’s Bitcoin holdings to $6bn.
Michael Saylor told attendees of the Bitcoin 2022 conference in Miami that he has increased the company’s reserves to 129,218 BTC, buying $190m worth of crypto between 15 February and 4 April 2022. Last month Microstrategy received a $205m loan from the crypto lender Silvergate Bank to buy more bitcoin.
“People thought we were crazy,” Saylor said. “We’re up to $6bn worth of bitcoin. If we’d bought gold I’d have $250 million worth of gold.”
Despite the enormous value of Microstrategy’s crypto holdings Saylor said he does not intend to cash out. “You do not sell your bitcoin,” Saylor said.
The Microstrategy boss said that developments around crypto regulation are a reason to be positive about the future of the industry.
US President Joe Biden has signed an executive order to speed up the creation of a regulatory framework for crypto assets. The UK this week announced plans to transform the country into a “global hub” for crypto assets, with plans to recognise stablecoins as a valid form of payment.
“When was the last time the president of the United States encouraged the country to embrace a new asset class? Never,” said Saylor, claiming that Biden has effectively given Bitcoin a “green light.” “Bitcoin should be taking a victory lap,” according to Saylor.
Bitcoin is trading above $43,000 today, having lost 7.2 per cent of its value over the past week.
Read more: Bitcoin and Ethereum blown into choppy waters by interest rate storm
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