Michael Saylor Explains Why Outright Ban of Bitcoin Mining in China Could Ignite the Most Bullish Cycle
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Following a significant purchase of Bitcoin (BTC) in 2020, the founder and CEO of MicroStrategy, Michael Saylor has revealed billions of dollars worth of BTC he has so far accumulated.

He shared this in a new interview on the Funky Crypto Podcast. According to Saylor, he has purchased as much as 88,000 BTC worth $2,585,431,200 at press time, through various organizations.

In the course of the conversation, the MicroStrategy CEO urged Bitcoin investors to choose a long-term investment strategy, rather than taking premature profits now, as the top digital currency keeps its surging trend for new record highs over the past few weeks.

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Moreover, he stated that the volatility experienced during the first 10 years of Bitcoin’s emergence is unlikely to be repeated as Bitcoin (BTC) grows stronger on a daily basis:

Michael Saylor noted:

“I have bought either through MicroStrategy or through entities I control, 88,000 Bitcoin. I never sold one Satoshi.”

“I think the way you use Bitcoin is as a long-term savings account. So, if you want to have a portion of your money that you like to gamble with and speculate with and bet on things you are passionate about, take that part of your money and invest it in new ventures or invest it in cool things.

“Take another portion of your money that you want to save for the next 20 years or 30 years and put that in Bitcoin. Just leave it there, and don’t get caught up in all the back and forth…

“How are you going to feel if you sell it at $27,000 and then you wake up one morning and it goes to $82,000… when it goes to $167,000… when it goes to a million. When it goes to a million, are you going to be bragging that you bought it at $0.019 million and you sold it at $0.022 million? Aren’t you going to feel freaking stupid? Like I bought it at $0.019 million and I sold it at a 50% gain at $0.023 million and I lost a million!

“In the first decade, Bitcoin was dominated by a bunch of traders with leverage in offshore exchanges and they were speculators. That was one group of people. This year after March you’ve got insurance companies, corporations, treasuries, institutional investors.

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“They are buying this stuff instead of gold. They are buying it to hold it for a decade as an inflation hedge. They are not using leverage, they are not using offshore exchanges, they are not speculators.

“Their mindset is, ‘I’m going to hold it for 10 years. What can I buy that’s better? If I sell it, I’m going to generate a tax bill and I’m going to buy something inferior.’ So, they are not going to sell it and that means you are not going to see that kind of volatility

“The volatility of Bitcoin is decreasing since March and the volatility of everything else is increasing… Bitcoin is moving from its first 10 years to its next 10 years. And it’s a much more mature asset.”

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.