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Michael Saylor Discloses Real Value of Bitcoin Despite Record Inflation

Wed, 07/13/2022 - 16:07
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Gamza Khanzadaev
MicroStrategy’s CEO continues to endorse BTC amid bad inflation report
Michael Saylor Discloses Real Value of Bitcoin Despite Record Inflation
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The main subject of discussion on financial markets, and in crypto in particular, was the record U.S. inflation, which reached an all-time high and triggered another round of asset sales. MicroStrategy CEO Michael Saylor, a well-known crypto enthusiast and Bitcoin adept, did not leave the hot topic unattended and once again expressed his attitude on the real value of BTC.

According to Saylor, with U.S. inflation at a record 9.1% and other major global reserve currencies depreciating even more rapidly against the U.S. dollar, many people still do not realize that 1 Bitcoin equals nothing more than 1 Bitcoin.

Thus, Saylor makes it clear that as a true adept of cryptocurrencies he does not correlate the rate of cryptocurrencies with fiat currencies, and despite the strong pressure of macroeconomic statistics on Bitcoin quotations, its real value remains unshaken.

Meanwhile, MicroStategy's "paper" loss from Bitcoin holdings currently exceeds $1 billion. As of June 28, the company owned 129,699 BTC, valued at nearly $4 billion and bought at an average price of $30,664 per BTC. MicroStrategy's last documented Bitcoin purchases totaled 480 BTC worth $10 million.

Recession is coming

The U.S. CPI inflation index showed an increase to 9.1% percent in the 12 months that ended in June, the largest 12-month increase since November 1981. At the same time, the markets were expecting a figure of 8.8%, which was not justified and is causing an extremely negative reaction at the moment. Bitcoin reacted with a 5,7% decline at the time of publication but had managed to gain back 2.72% by the time the news broke.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.