MicroStrategy CEO saylor says bitcoin’s near-term volatility is largely irrelevant By AdamMorganMc
Michael Saylor discusses the recent decline in bitcoin prices and what it means to MicroStrategy.
People who have spent at least $100 on bitcoin can speak about the cryptocurrency, Saylor allowed, but otherwise they probably “shouldn’t have anything to say about it.”, including through subsidiaries, about 129,218 bitcoins — and he has become a leading proponent of the cryptocurrency since adding it to his company’s balance sheet in August 2020.
MicroStrategy issued senior secured notes in June 2021, secured by assets that included any bitcoin bought on or after the closing of the offering. Still, it did not include any of MicroStrategy’s existing bitcoin, or any that might be purchased with the proceeds from existing bitcoin or other holdings.In May, MicroStrategy’s share price hit a 20-month low of $159.67 before recovering to close the month at $246.65, still down from an open of $355.68.
“I don't know if it's a bear market or not, but if it is a bear market, then we had three of them in the last 24 months,” he told The Block. Saylor was alluding to April 2021, when the price rose to $60,000 before falling back to about $31,000 by July 2021, then hitting all-time highs of $69,000 in November 2021.
TerraUSD had a burn mechanism involving luna so that anyone holding TerraUSD could trade one token for $1 worth of luna tokens in the event of a de-peg — if TerraUSD were trading at $0.95 for example. Despite the collapse of TerraUSD and the depletion of its bitcoin reserves, Saylor maintained that bitcoin is a worthwhile reserve asset.
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