Despite the bear market that has been enveloping the crypto market lately, MicroStrategy confirms its position, with its CFO Phong Le stating that the company will not stop buying Bitcoin (BTC).
MicroStrategy continues to buy Bitcoin (BTC)
According to reports, MicroStrategy’s Chief Financial Officer, Phong Le said that the company will continue to convert its excess cash reserve into the crypto queen Bitcoin (BTC).
Here are his exact words:
“Our strategy with bitcoin has been to buy and hold, so to the extent we have excess cash flow or we find other ways to raise money, we continue to put it into bitcoin”.
MicroStrategy has been making waves all last year, posting its BTC purchases after it officially declared from August 2020 that it wanted Bitcoin as a store of value.
Le’s comment echoes one that MicroStrategy CEO Michael Saylor had already tweeted in late December 2021, in which he stated that the company now owns about 122,478 BTC acquired over time with a total investment of $3.66 billion, at an average price of $29,861.
MicroStrategy and the belief to hold BTC in the long term
Along with Tesla and Block Inc, MicroStrategy, a leading publicly traded business intelligence firm, is one of the companies that has a substantial number of holdings in Bitcoin.
In an interview with Bloomberg Technology, Saylor revealed his long-term views when it comes to investing in BTC. Here’s what he had to say:
— Michael Saylor⚡️ (@saylor) January 20, 2022
“If you are going to invest in #bitcoin, a short time horizon is four years, a mid time horizon is ten years, & the right time horizon is forever”.
Not surprisingly, Le also stated that MicroStrategy has no plans to sell any of its acquired BTC.
Bitcoin (BTC) price and the current trend
Meanwhile, the queen of crypto Bitcoin (BTC) has had a 14% price drop in one week. At the time of writing, BTC is worth $36,128, exactly $3,000 less than what it was worth last year.
Still, Bitcoin’s volatility has seen the price of BTC fluctuate in one year from a low of $29,000 in mid-July 2021 to an ATH (All Time High) of over $67,000 in mid-August 2021.
According to analysis, BTC could rise as high as $40,000 and then fall again. The Fear and Greed index was 23, the equivalent of Extreme Fear, while the average price of BTC over the past 30 days is $43,344.