The Chief Executive Officer of MicroStrategy, Michael Saylor, is making a public case for Bitcoin, calling it a “Declaration of Independence.”
While residents celebrated Independence Day in the United States, Micheal Saylor utilized the occasion to publicly advocate for Bitcoin via a July 4 tweet. The CEO of MicroStrategy had long touted the benefits of the world’s largest digital asset, including tagging it a solution to inflation and “freedom money” among other perks.
#Bitcoin is a Declaration of Independence.
— Michael Saylor⚡️ (@saylor) July 4, 2022
Although the US dollar had held the world’s reserve currency status, several enthusiasts suggest that Bitcoin could take that status in the coming fintech ages. National and international monetary institutions continue placing more stringent regulations and measures on traditional finance. Saylor, says he lost faith in conventional finance and advocate for Bitcoin and other digital assets.
Saylor’s Long-Term Advocacy of Bitcoin
Michael Saylor’s outspoken passion for Bitcoin is a feat rivaled by few, for one who once forecast the end of Bitcoin in 2013. After suffering a $6B loss from the dot-com bubble crash, MicroStrategy’s CEO lost his place on the US billionaires’ ranking but regained a spot as Bitcoin reached its Movement 2021 high.
In 2020, Saylor publicly denounced talking down on the asset after researching Bitcoin and tweeted he owned over 17,000 BTC that he bought at nearly $168 m. Afterward, MicroStrategy invested $250m in Bitcoin and has not stopped buying more since then, the latest addition being a $10m worth of Bitcoin in June.
MicroStrategy, a fintech company, which holds a Bitcoin reserve of 129,817 Bitcoins, bought at $3.98 billion, which the company bought at an average price of $30,664 per BTC. At the time of this report, Bitcoin sells for about $20,100, bringing MicroStrategy’s stash to approximately $2.6 billion.