Summary:
- MicroStrategy CEO Michael Saylor said he personally owns 17,732 Bitcoins
- His reveal comes after questions about how much Bitcoin he owns
- Mr. Saylor explained that he bought the Bitcoins at an average entry price of $ 9,882
- He declared his holdings in MicroStrategy before he bought his stash of 38,250 BTC
- The company is reportedly preparing to buy more Bitcoin
MicroStrategy CEO Michael Saylor revealed via Twitter the amount of Bitcoin (BTC) he owns.
According to Mr. Saylor, he owns 17,732 Bitcoins which he bought at an average price of $ 9,882. His reveal comes after what he explains were repeated questions about how much BTC he owns. Mr. Saylor said he declared his holdings in Bitcoin before MicroStrategy decided to buy his 38,250 BTC stash.
Below is Mr. Saylor’s tweet explaining his Bitcoin investment which is now worth around $ 230.5 million using the value of BTC at $ 13k. This means that Mr. Saylor has $ 55.3 million in profit from his purchase at $ 9,882 per Bitcoin.
Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought on average at $ 9,882 each. I notified MicroStrategy of these holdings before the company decided to buy #bitcoin for himself.
– Michael Saylor (@michael_saylor) October 28, 2020
MicroStrategy is planning to buy more Bitcoins
Saylor’s revelation regarding the amount of Bitcoin he owns was made around the same time that news broke that MicroStrategy was considering adding more BTC to its holdings. Earlier today, MicroStrategy president Phong Li said the company was planning to add more BTC to its holdings as the company generated more money than it needed.
You should expect that we will purchase additional bitcoins as we generate money beyond what we need to run the business on a daily basis.
Mr. Li also explained that the company’s profile has been elevated since it declared its Bitcoin purchases.
We saw a noticeable and unexpected benefit from our bitcoin investment in raising the company’s profile in the broader market. This is benefiting our reputation overall by increasing our mental sharing among potential customers.
Not enough Bitcoin to go around
In summary, the MicroStrategy CEO revealed that he personally owns 17,732 Bitcoins. His statement was made on the same day news broke that MicroStrategy was working to increase its Bitcoin stash beyond the 38,250 BTC it already owns.
If Mr. Saylor and MicroStrategy’s Bitcoin purchases are taken as just a sample of what other CEOs and companies are doing, it can be vaguely concluded that there may not be enough BTC for everyone in the foreseeable future. Therefore, the only way is to raise the price of Bitcoin using the theory of supply and demand.
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