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A leading Bitcoin (BTC) holder and advocate, Michael Saylor, has again sparked conversation on the true essence of acquiring the asset. In a post on X, Saylor referenced his post from exactly five years ago when he declared his personal Bitcoin holdings.
Michael Saylor's $175 million Bitcoin bet now over $2 billion
Notably, Saylor emphatically stated, "You do not sell your Bitcoin." The statement reinforces his advocacy over the years and the philosophy behind his aggressive acquisition model for his business intelligence firm, Strategy.
Saylor considers Bitcoin a long-term store of value and not just a trade asset. He maintains that true Bitcoin believers should HODL onto the coin no matter how volatile the market gets. This is because he remains optimistic that the asset will always appreciate and recover.
For context, Saylor clarified that he personally had, within a space of about 10 years, accumulated 17,732 BTC as of 2020. This indicates that he has been HODLing all of his purchases over the years to build such a large portfolio. According to him, the average purchase price of his personal holdings was $9,882 per BTC.
Saylor’s average price below $10,000 indicates that most of his accumulations were done when the coin traded for less. Since September 2020, Bitcoin has not exchanged hands below $10,000. This confirms that he matches his Bitcoin evangelism with action by not selling.
It is worth mentioning that Saylor's post from Oct. 28, 2020, clarified that the board of Strategy was well aware of his personal holdings before the company commenced buying. This was probably to avoid any conflict of interest and be fully transparent on his part.
Enduring message to Bitcoin holders
Interestingly, Michael Saylor’s personal holdings of 17,732 BTC at an average cost of $9,882 amounts to $175,227,624. As of press time, Bitcoin is changing hands at $114,820.16, and the same holding has an estimated value of $2,035,988,240. This gives Saylor over $1.86 billion in unrealized profits.
The value gained supports Saylor’s unwavering long-term conviction despite different volatile market cycles in the last 15 years of owning the asset.
For instance, when the great crypto liquidation happened recently as a result of geopolitical tensions, Saylor’s message to investors was, "Don't stop believing."
Thus, his recent message urging investors holding Bitcoin not to sell their asset is born out of conviction that the coin will appreciate and outperform fiat currencies. Saylor opines that selling Bitcoin means giving up on a credible asset.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team