“You can never have too much bitcoin,” affirmed diehard Bitcoin bull Michael Saylor in a recent CNBC interview following the Q3 earnings of MicroStrategy. He cited several key factors that can drive further bitcoin growth.
As the co-founder of MicroStrategy, Saylor has made Bitcoin a corporate strategy. The company holds 158,400 BTC worth billions acquired at an average price of $29,586.
A top catalyst Saylor sees is the bitcoin halving in April 2024. Miner selling pressure will drop from $12 billion annually to $6 billion as the block reward falls. This supply shock coincides with rising spot bitcoin ETF demand.
Upcoming fair value accounting rules for corporate bitcoin holdings can spur more companies to add BTC to their balance sheets, Saylor noted. This opens the door for Bitcoin as a mainstream treasury asset.
Saylor argued that increased regulation and oversight, along with a move away from speculative altcoins, can mature crypto for institutional adoption. He sees regulatory clarity coming soon.
MicroStrategy continues to acquire Bitcoin
MicroStrategy purchased an additional 6,607 BTC in Q3 2023, now totaling over 158,400 bitcoins. Its average cost basis is around $29,586 per BTC.
Despite a $33.6 million Q3 impairment loss, Saylor remains steadfast on Bitcoin’s long-term potential as digital gold. He stated on the earnings call that growing 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 swings cause impairments, Saylor maintains his conviction that exponential fiat money printing makes bitcoin ownership table stakes for corporations.
Whether bitcoin evolves as Saylor envisions, he continues to direct MicroStrategy to accumulate BTC despite the crypto market volatility.