In the last weeks, bitcoin had gone down, with a devaluation of more than 20% from the historical peak, when it exceeded US$ 68,000.
The increased volatility and price drop did not take away the enthusiasm of MicroStrategy CEO Michael Saylor, who was emphatic in discouraging investors from selling their positions: “If you have bitcoin, don’t sell”. Instead, the company took advantage of the downtrend to add 1,434 bitcoin to its accounts, as the executive posted on his Twitter.
In the statement sent to shareholders on December 9, MicroStrategy explains that the purchases were made between November 29 and December 8, with an average price per bitcoin of US$ 57.477. “As of December 8, 2021, the company held approximately 122,478 bitcoins, which were acquired at a total of US$ 3.66 billion, an average purchase price of approximately US$ 29,861 per bitcoin”, the statement said.
Bitcoin is the best alternative to protect capital, says Saylor
Since making its initial investment in bitcoin (US$ 250 million) in August 2020, MicroStrategy has increased bitcoin’s share among its funds. In that period, its shares have risen about 380%.
For Saylor, despite the volatility, bitcoin remains the best alternative to protect capital against inflation. Furthermore, he considers its trend to be one of growth, driven by technology and companies like Apple, Google, Facebook, Paypal, and Square.
“The only legitimate risk would be a black swan”, Saylor said in an interview, referring to an unknown or infrequent event. He added that Bitcoin could not be hacked; it will not be banned or copied.
