MicroStrategy co-founder Michael Saylor has defended the company’s recent Bitcoin purchases, arguing that those who don’t buy the largest cryptocurrency at the top are leaving money on the table.
As reported by U.TodayThe Virginia-based business intelligence firm announced its seventh consecutive weekly purchase of Bitcoin on Monday. It added more than $500 million worth of Bitcoin at an average price of nearly $107,000 per coin.
Saylor has always been upfront about his willingness to buy Bitcoin at the top, rejecting the idea of trying to time the market.
During his appearance on the PBD Podcast, Saylor reiterated his prediction that the price of Bitcoin would eventually rise to $13 million. “Each
The BTC you don’t buy will cost you $13 million, my friend,” he said.
However, despite Saylor’s track record of proving his detractors wrong, some were still surprised that MicroStrategy’s most recent average purchase price is so close to Bitcoin’s local high. The largest cryptocurrency reached a high of $108,135 on December 17 before falling to the $92,000 level. Earlier today, it hit an intraday low of $92,441.
Peter Schiff, a vocal Bitcoin critic, has suggested that Saylor is already running out of steam to continue propping up Bitcoin, noting that MicroStrategy recently announced its smallest buying months. “Furthermore, not only is this his smallest purchase, but it is also the first time his average purchase price was above the market price on the Monday he disclosed the purchase,” he said.
Saylor is unlikely to be deterred by this criticism, and MicroStrategy is now on track to hold a shareholder vote to increase the number of authorized Class A shares to 10.33 billion.
