Bitcoin’s biggest corporate investor ‘more bullish than ever’ on crypto

Bitcoin’s biggest corporate investor ‘more bullish than ever’ on crypto

Bitcoin's biggest corporate investor

MicroStrategy CEO Michael Saylor announced that he is “more bullish than ever on bitcoin” after purchasing an extra $190 million worth of bitcoin.

Saylor said that he first got interested in bitcoin back in 2013 when he started to look for a haven to park his company’s cash. At the time, he was looking for an asset with “no counterparty risk” that would be “uncorrelated” to other assets such as stocks.

Speaking at the Bitcoin 2022 conference in Miami, Florida, last Thursday, Saylor said that the latest bitcoin splash would bring MicroStrategy’s stockpile to 129,218 BTC – which is worth about $6 billion at today’s prices. This represents roughly $2 billion profit for the software firm on these acquisitions.

Over the past year, the price of Bitcoin has fluctuated wildly, bouncing from below $30,000 last July to close to $69,000 in November. However, Saylor and his team have stayed steadfast. In a new interview with CNBC, Saylor said that he continued to buy bitcoin even when the price was plunging in 2018.

“When the price went down in 2018, we bought more. When the price went down in 2020, we bought more. As it’s gone up this year,

Other major corporate investors include Elon Musk’s Tesla, which holds 43,200 bitcoin worth close to $2 billion, and Jack Dorsey’s Block, which owns 8,027 bitcoin worth around $350 million.

While some investors have been cashing out their bitcoin, Square and Block have been buying more. On the first day of this year, Block bought $10 million or 4,709 BTC.

At the time, the purchase represented around 1% of the company’s total assets and was made because the team believes “bitcoin has the potential to be a more ubiquitous currency in the future.”

Bitcoin has enjoyed explosive growth since it was created just over 13 years ago, while regulators have struggled to keep up with it.

Regulation however appears to be catching up in the US and Europe. Giant trides have been made recently to introduce regulation that will protect consumers while also encouraging development in the crypto-space.

US President Joe Biden signed an Executive Order in March 2022 that welcomed the industry to engage with lawmakers to “ensure responsible development of digital assets”.

Similarly, the European Commission proposed tougher rules this month that would bring more digital currency exchanges and wallets under anti-money laundering rules.

The CEOs of both JPMorgan and Goldman Sachs have spoken out in recent weeks about their plans to get involved with bitcoin and other digital assets. JPMorgan is already offering its clients access to bitcoin funds.

Michael Saylor welcomed these recent developments, saying it amounted to the president of the United States “giving a green light” to further bitcoin prominence.

He said, “Bitcoin should be taking a victory lap… A lot of people have anxiety about regulation but I do not have anxiety about regulation. I don’t think there’s any outcome other than favorable for bitcoin. Bitcoin is the safe haven for any public figure.”

Martin K
Martin K author check sign Pro Investor

I am a bitcoin and crypto currency writer. I also work as a professional trader, and I have experience with stock trading and bitcoin trading. In my work, I aim to provide clear and concise information that helps people understand these complex topics.