MicroStrategy’s Saylor Defends Buying Bitcoin Tops

MicroStrategy cofounder Michael Saylor has defended the company's recent Bitcoin purchases, arguing that those who are not buying the largest cryptocurrency at the top are leaving money on the table. 

As reported by U.Today, the Virginia-based business intelligence firm announced its seventh consecutive weekly Bitcoin purchase in a row on Monday. It added more than half a billion dollars worth of Bitcoin at an average price of nearly $107,000 per coin. 

Saylor has always been upfront about his willingness to buy Bitcoin at the top, rejecting the idea of trying to time the market. 

During his appearance on the PBD Podcast, Saylor reiterated his prediction that the Bitcoin price would eventually go up to $13 million. "Every BTC you don’t buy is going to cost you $13 million, my friend," he said.

However, despite Saylor's track record of proving his naysayers wrong, some were still shocked by the fact that MicroStrategy's most recent average purchase price is so close to Bitcoin's local top. The largest cryptocurrency peaked at $108,135 on Dec. 17 before plunging all the way to the $92,000 level. Earlier today, it reached an intraday low of $92,441.

Peter Schiff, a vocal Bitcoin critic, has suggested that Saylor is already running out of firepower to keep propping up Bitcoin, noting that MicroStrategy recently announced its smallest buy in months. "Plus, not only is this your smallest buy, but the first time your average purchase price has been above the market price on the Monday you disclosed the buy," he said.

Saylor is unlikely to be deterred by this criticism, and MicroStrategy is now on track to hold a shareholder vote to increase the number of authorized Class A shares to 10.33 billion.