Business intelligence firm, MicroStrategy, increased it’s Bitcoin holdings within 3 months from a capital of $425M to $517M as BTC price rallies past the $14,000 mark.
In August and September 2020, the business intelligence firm, MicroStrategy (MSTR) invested $425 million worth of Bitcoin (BITCOMP). Three months down the line, the company’s Bitcoin value was up 21% following BTC continued upward movement from the last few weeks.
Inardently, the firm’s Bitcoin value is now worth at least half a billion USD.
According to Michael Saylor, MicroStrategy’s CEO, the popular crypto is a “digital hold,” although he has not always been the cryptocurrency’s best fan.
Back in 2013, Saylor took to Twitter to protest against what he believed was more of an online gambling scheme and noted that Bitcoin would in fact suffer the same fate as witnessed in online gambling.
He said, “It seems like just a matter of time before it suffers the same fate as online gambling.”
Jumping back to 2020, Saylor is none the wiser after he opted to try out BTC with an initial capital of $183 million, August 11. One month later, the company added another similar value as BTC held ground with multiple gains.
In total, a span of two months worth of BTC investment saw MicroStrategy recoup Bitcoin holding of 38,250 with just $425 million.
While the volatile nature of Bitcoin makes it highly unpredictable, since Saylor posted the tweet in 2013, the cryptocurrency has rather left several historical marks that have been attributed to it’s wide global acceptance.
Since the tweet, and despite a few setbacks where it’s price has been at its lowest, BTC has not disappointed. Bitcoin has registered price increases of not less than 15 times since 2013. These among other remarks prompted MicroStrategy to consider investing in Bitcoin.
Describing Bitcoin as a counter inflation hedge that supersedes gold (GLD) by over one thousand times, Saylor is not hesitant to share his verbal applause for BTC following MicroStrategy’s exemplary performance in the ongoing bear market as stock markets continue to present disappointing yields.
Although Saylor remarks on BTC in 2013 could easily be misinterpreted, he has maintained that Bitcoin’s volatility presents a reason for business enthusiasts and Bitcoin investors to look into the greater picture.
Saylor believes that Bitcoin’s “Global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos” were the cornerstone towards BTC productive promise and future ROI confidence.
As the firm’s BTC remains bullish, Saylor has maintained his undivided support towards the crypto and continues to urge all those interested parties that once thought investing in Bitcoin was too steep path to follow to consider taking another try.
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