Is Michael Saylor’s Bitcoin MacroStrategy Crazy?
Or brilliant?
The thing about smart people is that they seem like crazy people to dumb people.
— Steven Hawking
Michael Saylor has done it again. On December 9th, the CEO of MicroStrategy announced a purchase of 1,434 more bitcoins at an average price of ~$57,477, bringing the company’s total holdings to around 122,478 coins.
MicroStrategy announced its first Bitcoin purchase in August of 2020.
After the initial purchase, Saylor stated, “Our decision to invest in bitcoin at this time was driven in part by a confluence of macro factors … including … the economic and public health crisis precipitated by COVID-19, unprecedented government financial stimulus measures including quantitative easing adopted around the world, and global political and economic uncertainty.”
“We believe that, together, these and other factors may well have a significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types, including many of the assets traditionally held as part of corporate treasury operations.”
Since then, the company has aggressively added Bitcoin to its balance sheet at every opportunity.
