Summary:
- MicroStrategy CEO, Michael Saylor, has declared that he personally owns 17,732 Bitcoin
- His revelation comes after queries about how much Bitcoin he owns
- Mr. Saylor explained that he bought the Bitcoins at an average entry price of $9,882
- He declared his holdings to MicroStrategy before it bought its stash of 38,250 BTC
- The company is reportedly preparing to buy more Bitcoin
The CEO of MicroStrategy, Michael Saylor, has revealed via Twitter, the amount of Bitcoin (BTC) that he owns.
According to Mr. Saylor, he owns 17,732 Bitcoins that he bought at an average price of $9,882. His revelation comes after what he explains were repeated queries about how much BTC his owns. Mr. Saylor stated that he had declared his holdings of Bitcoin before MicroStrategy decided to buy its stash of 38,250 BTC.
Below is Mr. Saylor’s tweet explaining his Bitcoin investment that is now worth around $230.5 million using BTC’s value at $13k. This means that Mr. Saylor is $55.3 million in profits since his purchase at $9,882 per Bitcoin.
Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself.
— Michael Saylor (@michael_saylor) October 28, 2020
MicroStrategy is Planning on Buying More Bitcoin
Mr. Saylor’s revelation regarding the amount of Bitcoin he owns was made around the same time news broke that MicroStrategy was considering adding more BTC to its holdings. Earlier today, MicroStrategy’s President, Phong Li, stated that the company was planning on adding more BTC to its holdings as the firm has generated more cash than they need.
You should expect that we will purchase additional bitcoin as we generate cash beyond what we need to run the business on a day to day basis.
Mr. Li also explained that the company’s profile had been elevated since it declared its Bitcoin purchases.
We’ve seen a notable and unexpected benefit from our investment in bitcoin in elevating the profile of the company in the broader market. This is benefitting our reputation overall, raising our mindshare among prospective customers.
Not Enough Bitcoin to Go Around
Summing it up, the CEO of MicroStrategy has revealed that he personally owns 17,732 Bitcoin. His declaration was made on the same day that news broke that MicroStrategy was working on increasing its stash of Bitcoin above the 38,250 BTC it already owns.
If the Bitcoin purchases of Mr. Saylor and MicroStrategy are taken as just one sample of what other CEO’s and companies are doing, it can be loosely concluded that there might not be enough BTC to go around for everyone in the very near future. Therefore, the only way is up for the price of Bitcoin using the theory of supply and demand.