Despite a 40% drop in the value of bitcoin (BTC), MicroStrategy’s Michael Saylor has no intention of selling the company’s $ 5 billion stake.

Although BTC is facing a protracted bear market, Saylor told Bloomberg that he is a “Bitcoin bull” and has no intention of changing MicroStrategy’s multi-billion dollar acquisition plan. He took a strong stance towards the BTC stock exchange:

“Never. No. We are not sellers. We only buy and own bitcoins, right? This is our strategy.”

MicroStrategy became the first listed company in the United States to buy and hold bitcoin as part of its balance sheet in August 2020. Since then, the business software maker has raised around 124,391 BTC, worth around $ 5.2 billion at current market prices.

Since most of the balance sheet is held in cryptocurrencies, the company’s shares have become a lifting point for «digital gold». Following the announcement of the BTC project, MicroStrategy shares rose by 900% at the same time; Recently, however, his security has deteriorated after being hit by excessive purchases, which were partly financed by debt.

Since August 2020, MicroStrategy has regularly strengthened its position in bitcoin, and fulfilled its promise to buy several major cryptocurrencies. At the end of last year, MicroStrategy bought 1,914 BTC between December 9 and 29 for $ 94.2 million, bringing the total to 124,391 BTC.

About the topic: Billionaire investor Bill Miller invests 50% of his fortune in bitcoins

Despite the massive market sales in the past, Sailor still considers BTC as one of the best inflation hedges and an alternative to share repurchases. He dismissed any concerns that the cryptocurrency would fall from a record high of $ 69,000 in November to below $ 40,000 this month, noting that due to rising inflation, the company’s assets are in fact a source of “great comfort.”

Saylor, who has previously referred to cash as a “melting ice cube,” predicts that more Wall Street names will buy bitcoin at current prices, calling it “a great entry point for institutional investors.”

Source: CoinTelegraph