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

MicroStrategy CEO Michael Saylor told Bitcoin 2022 conference why he’s all in on the cryptocurrency

Anthony Cuthbertson
Thursday 07 April 2022 18:09
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<p>The Miami Bull at the Bitcoin 2022 conference in Miami, Florida, on 7 April, 2022</p>

The Miami Bull at the Bitcoin 2022 conference in Miami, Florida, on 7 April, 2022

The head of the world’s largest corporate crypto investor has said he is “more bullish than ever on bitcoin” after purchasing another $190 million worth of the cryptocurrency.

Speaking at the Bitcoin 2022 conference in Miami, Florida, on Thursday, MicroStrategy CEO Michael Saylor said the latest investment brought his company’s stockpile to 129,218 BTC – worth close to $6 billion at today’s prices. This is roughly $2 billion more than the software firm paid for them over several instalments.

Follow our live coverage of Bitcoin 2022 and the rest of the crypto market

“People thought we were crazy,” Mr Saylor said. “We’re up to $6 billion worth of bitcoin. If we’d bought gold I’d have $250 million worth of gold.”

He also said he had no plans to cash in on the profits he had made, telling the crowd: “You do not sell your bitcoin”

Bitcoin has fluctuated wildly in price over the last 12 months, bouncing from below $30,000 last July to close to $69,000 in November. It is currently trading at around $43,500 after its latest rally came to an end at the start of the week.

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.

The cryptocurrency has seen explosive growth since it was created just over 13 years ago, which regulators have struggled to keep up with.

This appears to be changing, with the UK, US and Europe all making recent moves to introduce regulation that will protect consumers while also encouraging development in the space.

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

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

“When was the last time the president of the United States encouraged the country to embrace a new asset class? Never,” 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 favourable for bitcoin. Bitcoin is the ethical safe haven for any public figure.”

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