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27 September 2020

Bitcoin CEO: MicroStrategy's Michael Saylor Explains His $425M Bet on BTC - CoinDesk

Bitcoin CEO: MicroStrategy's Michael Saylor Explains His $425M Bet on BTC - CoinDesk


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Or so said the business intelligence firm’s founder and CEO, Michael Saylor, in an interview with CoinDesk on Tuesday, shortly after he announced on Twitter that MicroStrategy was doubling down on the godfather cryptocurrency with the purchase of $175 million more BTC.

In the last two months Saylor has transformed his company’s once sleepy cash surplus into a nearly half-billion-dollar bet on bitcoin, the “digital gold” Saylor is certain will outlast his tenure. .

In a market like this – and in the future he said is certain to come – there are only two good places to put excess cash to work: stock buybacks and bitcoin.

Then, in late July, executives unveiled the game plan on the firm’s Q2 earnings call: MicroStrategy would seek to invest up to $250 million in the next 12 months “in one or more alternative investments or assets which may include stocks, bonds, commodities such as gold, digital assets such as Bitcoin, or other asset types,” MicroStrategy president Phong Li said on July 28

Six days later MicroStrategy poured all $250 million of its inflation-hedging surplus into bitcoin

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