Saylor Anticipates Major Bitcoin Catalysts; MicroStrategy expands its BTC holdings

“You can never have too much Bitcoin,” said die-hard Bitcoin bull Michael Saylor in a recent CNBC interview following the 3rd quarter result from MicroStrategy. He cited several key factors that can boost Bitcoin’s growth.

As co-founder of MicroStrategy, Saylor made Bitcoin a business strategy. The company holds 158,400 BTC worth billions acquired at an average price of $29,586.

One of the main catalysts Saylor sees is the Bitcoin halving in April 2024. Selling pressure from miners will drop from $12 billion per year to $6 billion as the block reward declines. This supply shock coincides with the growing demand for spot Bitcoin ETFs.

Upcoming fair value accounting rules for companies’ bitcoin holdings could incentivize more companies to add BTC to their balance sheets, Saylor noted. This opens the door for Bitcoin as a traditional treasury asset.

Saylor argued that increased regulation and oversight, as well as a move away from speculative altcoins, can mature crypto for institutional adoption. He anticipates that regulatory clarity will arrive soon.

MicroStrategy continues to acquire Bitcoin

MicroStrategy purchased an additional 6,607 BTC in Q3 2023, now totaling over 158,400 bitcoins. Its average base cost is around $29,586 per BTC.

Despite losing $33.6 million in value in the third quarter, Saylor remains committed to Bitcoin’s long-term potential as digital gold. He said during the earnings call that increasing regulatory guardrails are increasing institutional comfort with crypto.

Saylor has staked his company’s future on Bitcoin as an inflation hedge and store of value asset. While short-term price fluctuations lead to depreciation, Saylor remains convinced that the exponential printing of fiat money makes bitcoin ownership a challenge for businesses.

Whether Bitcoin evolves as Saylor envisions, he continues to call on MicroStrategy to accumulate BTC despite the crypto market’s volatility.

Vignesh KarunanidhiWriter of the Milk Route

Vignesh is a seasoned professional in the crypto field since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content including news articles, long-form articles, and articles blog, all focused on sharing. the beauty of blockchain and crypto.


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