The company bought around 17,000 bitcoins to make them its main reserve currency
In the past, MicroStrategy and its CEO have criticized Bitcoin; now the company has turned to cryptocurrency, adopting it as its main reserve currency. The CEO of the business intelligence company recently revealed that bought 16,796 bitcoins for a total price of $ 175 million. MicroStrategy currently purchased a total of 38,250 bitcoins at an aggregate purchase price of $ 425 million.
In your tweet yesterday, CEO Michael Saylor admitted that the company uses Bitcoin as its main reserve currency compared to other altcoins. He said he believes Bitcoin is a cryptocurrency network, unlike other stablecoin and Ethereum (ETH), which he calls “crypto application networks”.
Saylor posted a graph of the Bitcoin domain website, claiming that the Bitcoin domain increased from a low of 71.05% on December 20, 2017 to 93.57% on September 20. The NASDAQ-listed company changed its mind about Bitcoin after buying the cryptocurrency for the first time on August 11. MicroStrategy started with 21,454 bitcoins at a combined price of $ 250 million before adding 16,796 bitcoins last week.
Saylor, now a Bitcoin bull
Saylor was a well-known critic of Bitcoin and the cryptocurrency space in the past. In December 2013, Saylor tweeted that Bitcoin’s days were numbered. The CEO believes it was only a matter of time before the cryptocurrency suffered a fate similar to that of online gambling.
In a podcast interview with Anthony Pompliano, published on Wednesday, Saylor revealed that he had forgotten his 2013 tweet until the day he tweeted that MicroStrategy bought $ 250 million in bitcoins. He added that the cryptocurrency community reminded him of his tweet and he admitted to being wrong about Bitcoin and the cryptocurrency space.
Saylor revealed that he decided to buy Bitcoin because the company had $ 500 million in cash and faced the challenge of investing to preserve its value. He had to encourage the company’s board to read about Bitcoin and watch some videos to convince them that it is the right asset to invest in and preserve wealth.
The CEO believes that Bitcoin is a better investment than gold. He stated that “Bitcoin is an anti-fragile and evolving thing. It is the strongest currency because it is continually and exponentially more difficult, but it is also smarter, stronger and faster than gold ”.
Saylor is not alone in believing that most other altcoins are frauds. Emin Gun Sirer, the creator of the first PoW-based cryptocurrency, said earlier this year that most cryptocurrency projects are just recycling an idea that belongs to someone else.