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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Dec 09, 2024 13:13 UTC
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Sell Gold, Buy Bitcoin: MicroStrategy CEO Saylor Makes Bold Suggestion
MicroStrategy has significantly increased its Bitcoin holdings to 423,650 BTC, investing over $25 billion.
Michael Saylor, a strong Bitcoin advocate, believes in its potential as a hedge against inflation and a store of value.
Saylor's vision includes Bitcoin adoption by major corporations like Microsoft and a substantial increase in Bitcoin's market value.
MicroStrategy continues to strengthen its position in the cryptocurrency market. The company recently purchased 21,550 BTC for $2.1 billion, paying an average price of $98,783 per Bitcoin. This latest acquisition has resulted in a 43.2% gain this quarter and a 68.7% increase this year.
As of December 8, 2024, MicroStrategy’s total Bitcoin holdings stand at 423,650 BTC, bought at an average price of $60,324 per Bitcoin. This brings their total investment to around $25.6 billion.
Saylor’s Vision for Bitcoin
Michael Saylor, Executive Chairman of MicroStrategy, has long been an advocate for Bitcoin as a way to hedge against inflation and act as a safe store of value in a digital economy. His recent remarks highlight his belief that Bitcoin could replace traditional financial systems.
Saylor made a dramatic suggestion to the U.S. government:
“Sell all the U.S. gold and buy Bitcoin. It will devalue gold globally, harming our enemies while increasing U.S. assets to $100 trillion.”
In addition to this, Saylor hinted at exciting developments linking Bitcoin with corporate strategies, especially through partnerships with Microsoft. He suggested that Microsoft could significantly boost its valuation, adding up to $4 trillion by using Bitcoin for cash reserves, dividends, and buybacks.
With more institutions adopting Bitcoin, its market potential is rising. Read our Bitcoin price prediction for insights on what’s ahead!
Bitcoin’s Market Reaction
After MicroStrategy’s latest Bitcoin purchase, Bitcoin’s price saw a slight uptick, trading at around $99,000. Market analysts speculate that the continued involvement of institutional investors like MicroStrategy could drive Bitcoin’s value higher in the near future.
Saylor’s Market Prediction
During a recent appearance on Fox Business, Saylor shared some ambitious predictions about the cryptocurrency market’s future:
- The global crypto market could grow from its current $2 trillion valuation to $280 trillion by 2045.
- Bitcoin could potentially hit $13 million per coin by that time.
Saylor’s insights reflect his confidence in Bitcoin’s long-term potential and the market’s overall expansion.
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FAQs
MicroStrategy owns 423,650 BTC, purchased for around $25.6 billion at an average price of $60,324 per Bitcoin as of December 2024.
MicroStrategy invests heavily in Bitcoin as a treasury asset, viewing it as a hedge against inflation and a store of value in the digital economy.
MicroStrategy sees Bitcoin as a superior store of value compared to traditional assets, aiming to strengthen its financial reserves and long-term growth.
Yes 
No 
