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Bitcoin bull Michael Saylor burned by crypto’s volatility but undeterred

Bitcoin, once a trillion dollar asset, has been falling since the beginning of the year and its price even dipped below $20,000 in June. And the brutal realities of the crypto market have finally caught up with Microstrategy’s founder and well-known Bitcoin bull, Michael Saylor.

Microstrategy said Tuesday that Saylor, one of the crypto billionaires who enjoyed somewhat of demigod status in the crypto investing community, will step down as CEO and become executive chairman. Phong Le, the current President of MicroStrategy, will replace Saylor as the new CEO.

While MicroStrategy sells analytics and intelligence software, Saylor made the decision to buy Bitcoin and keep it in the company’s treasury in 2020. That one decision had cost the company more than $1 billion, resulting in Saylor being “thrown upstairs.”

Under Saylor, Microstrategy had been amassing BTC with a laser focus – almost regardless of market direction. It now holds around 129,699 BTC at an average price of $30,650 per BTC, according to BuyBitcoinWorldWide. In other words, Microstrategy has invested a whopping $3.98 billion in the world’s largest cryptocurrency.

For comparison, the company’s market cap was $3.68 billion based on Wednesday’s close on the Nasdaq.

The first BTC purchase occurred about two years ago, on August 11, 2020, when MicroStrategy bought 21,454 bitcoins for $250 million. Over the course of 2020, 70,470 BTC were accumulated at a cost of $1.125 billion amid the global pandemic.

The first purchase of 2021 was made on January 22, when the price of Bitcoin was around $33,000. While MicroStrategy continued to buy Bitcoin over the past year, the largest purchase on Feb. 24 was 19,452 BTC for $1.026 billion.

Saylor was gradually becoming extremely bullish on Bitcoin and bought the coin for $59,339 in May of this year.

https://www.ibtimes.com.au/bitcoin-bull-michael-saylor-burned-cryptos-volatility-undeterred-1837476?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Bitcoin bull Michael Saylor burned by crypto’s volatility but undeterred

Fry Electronics Team

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