- Bitcoin development company MicroStrategy and its outspoken Executive Chair Michael Saylor were recently placed on the hot seat for their latest BTC purchase as the digital asset’s price plunged all the way to $60,900 following its current all-time high (ATH) of $73,750.07 on March 14.
- Despite that, the parties remained unfazed by their critics.
- Saylor’s new posts on X highlighted how volatility is crucial for Bitcoin and how the premier cryptocurrency outperformed other investments.
Volatility is Vitality
Amid the swinging prices of the cryptocurrency, Saylor finally addressed the criticisms as he asserted the dominance of Bitcoin in a series of posts on X. For him, the inherent volatility of BTC is actually its vitality.
This echoes Saylor’s earlier statement saying that price fluctuations are a much-needed feature to sustain Bitcoin’s capability to outperform the market by ten-fold. Peter Schiff, however, disagreed with the tactics of MicroStrategy.
The infamous Bitcoin FUD-feeder reminded everyone that the crypto asset remained lower than its ATH despite the “reckless leveraged buying” of MicroStrategy. He likewise warned that a dip of the digital currency to $20K will shave off the BTC investment of the company to $.25 billion while a drop to $10K will further take it down to $5.5 billion.
Bitcoin is Winning
In another post during the weekend, Saylor highlighted how Bitcoin has outperformed other traditional investments. The metric he shared showed BTC’s growth by 432% since MicroStrategy started accumulating the coin on August 10, 2020. Meanwhile, the S&P 500 and Nasdaq only increased their values by 56% and 50% in that span.
MicroStrategy’s Bitcoin Haul
The latest top-up of MicroStrategy saw the acquisition of 9,245 BTC to the tune of $623 million or $67,382 per Bitcoin. As of March 18 this year, the tech firm held 214,246 BTC in its digital vault with a total investment of $7.53 billion at an average of $35,160 per coin.
As of this writing at 5:40 AM UTC on Monday, MicroStrategy seems to be in the green from its last purchase as Bitcoin is trading at around $67,500. This would still translate to an unrealized gain of $118 per BTC. Doing the math using the company’s entire haul puts its unrealized profits at $6.93 billion.
Nevertheless, Saylor and MicroStrategy do not appear to be interested in pulling out their Bitcoin investment anytime soon and they even aligned their brand’s identity with the digital asset. For the executive chair of the firm, the ultimate victor would be determined based on who has the most Bitcoin in the future.
So far, MicroStrategy already owns 1% of all BTC in circulation. Reading between the lines, we may see more buying spree from the company ahead.