Following the current market turmoil, business intelligence firm MicroStrategy is currently sitting on an unrealized loss of over $1 billion on its Bitcoin investment.
However, MicroStrategy CEO Michael Saylor remains bullish on the leading cryptocurrency, noting that now is an ideal time to purchase more BTC.
MicroStrategy Not Bothered With $1B BTC Loss
During an interview with CNBC on Wednesday, Saylor noted that MicroStrategy is not bothered by the current market slump and that the company has back-tested its Bitcoin strategy, which will allow it to HODL through volatile times such as the current winter.
The Bitcoin proponent noted that since MicroStrategy started purchasing BTC back in August 2020, the cryptocurrency has performed 10x better than any other asset class, including gold and Nasdaq.
Saylor said he also sees Bitcoin becoming the best-performing asset in years to come and he can’t think of anything else.
“If I gave you $100 billion, you can’t reproduce it, and it’s beyond the nation-state attack or corporate attack. So once you understand that and the fact that it’s a singularity there’s nothing like it in the world, then, yeah, this is an ideal entry point to get into this thing,” he added.
MicroStrategy is 10x Over-Collateralized on its BTC Loan
With the falling crypto market, spectators are curious about MicroStrategy’s Bitcoin-backed loan from Silvergate. When asked about the status of the loan, Saylor noted that there’s nothing to worry about as the company is over-collateralized despite the bear market.
“On a multibillion-dollar balance sheet, we have only got a $200 million loan that we have to collateralize and we are 10X over-collateralized on that right now,” he said.
According to the MicroStrategy CEO, the crossover point for Bitcoin is four years and nobody has ever lost money investing in the asset for four years.
He said that the simple moving average of Bitcoin over four years is around $21,685, which has always been a great buying opportunity. At the time of writing, BTC was trading at $21,600, about 65% from its all-time high price of $68,800.
MicroStrategy’s Bitcoin portfolio contains 129,218 BTC, which the company accumulated at an average price of $30,700.
Source: https://coinfomania.com/microstrategy-ceo-best-time-to-buy-bitcoin/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=microstrategy-ceo-best-time-to-buy-bitcoin