YEREVAN (CoinChapter.com) — Business Intelligence firm MicroStrategy and its CEO Michael Saylor have adored Bitcoin fans (and heavy WHALES) since 2020. Fast forward to Feb. 5, 2024, and there’s MicroStrategy, still at it, buying another 31,755 BTC, their total stash ballooning to 190,000 Bitcoin.
“What’s another billion among friends?” they seemed to jest as they threw another $1.3 billion into the Bitcoin vortex.
As mentioned, it all started in August 2020, when MicroStrategy plunged into the Bitcoin sea with a whopping $250 million. The firm turned its Bitcoin binge into a full-blown feast as the months rolled by. By June 2021, they had snatched up an additional 13,005 bitcoins, spending $489 million.
However, 2023 was truly the “hold my beer” year for the firm. They scooped up 56,650 BTC and finally broke even on their investment as Bitcoin hit $30,000 in October 2023.
As mentioned in the previous MicroStrategy review, the firm sees Bitcoin not just as a currency but as the ultimate “I told you so” to traditional finance. Moreover, Saylor has credited Bitcoin for the massive surge in the firm’s MSTR share price.
In November 2023, Saylor said that his decision to hoard Bitcoin allowed his firm to compete against large, profitable corporations.
There’s seven companies that generate all the shareholder returns. There’s 7,000 companies that can’t keep up. What we did in August of 2020 was recognize that there’s no way we’re going to outgrow Google and Microsoft and Apple Computer as a mid-sized software company.
he said, according to Business Insider.
Moreover, according to him, the government’s constant inflation and interest rate hikes make it difficult for companies to survive.
It is not big news that MicroStrategy’s MSTR stock follows Bitcoin’s price trajectory after the heavy investments. As of Feb. 7, MicroStrategy stock traded at just below $500, an 11% recovery since bottoming out on Jan. 13.
Following Bitcoin’s lead, the stock price receded nearly 40% through January after establishing a two-year high of $728 on Jan. 2.
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