Thomas Daniels
The largest corporate Bitcoin holder in the world, MicroStrategy, is still in the news because its co-founder, Michael Saylor, has hinted at another big Bitcoin acquisition. SaylorTracker reports that the company’s Bitcoin investment has increased by more than 65%, with unrealized gains totaling more over $19 billion.
Saylor posted the Bitcoin tracker on social media for the twelfth week in a row, indicating that more Bitcoin might be purchased on January 27. The news follows MicroStrategy’s January 21 acquisition of 11,000 Bitcoin at an average price of $101,191 per coin.
MicroStrategy currently owns 461,000 Bitcoin, which is worth about $48.4 billion, more than even the US government does. Despite a decline from its peak of $108,786 on January 20, Bitcoin continues to be the foundation of MicroStrategy’s strategic plan.
After former President Donald Trump signed an executive order on January 23, the cryptocurrency market became more volatile. In order to create the President’s Working Group on Digital Asset Markets, the directive mandated the creation of a “national digital asset stockpile.” The project generated a lot of discussion in the cryptocurrency community, despite leaving out Bitcoin in favor of investigating a wider variety of digital assets.
The possible inclusion of altcoins in the U.S. strategic reserve was opposed by bitcoin maximalists. Prominent Bitcoin supporter Max Keiser cautioned against diversifying into “inflationary assets,” describing this as a move that would undermine Bitcoin’s hegemony. Likewise, Pierre Rochard, vice president of research at Riot Platforms, contended that the biggest challenge to a Bitcoin-only approach was Ripple’s advocacy for a diversified reserve.
A digital asset reserve will include Bitcoin but also include altcoins like XRP, according to Ripple CEO Brad Garlinghouse, who later confirmed efforts to influence government policy. Bitcoin traders are worried about this push for diversification because they anticipate little short-term gain from possible governmental changes that support wider crypto usage.
Despite changes in broader rules around digital assets, MicroStrategy’s steady accumulation of Bitcoin in the face of these events demonstrates its steadfast trust in BTC as the best store of value.
