Godfrey Benjamin<\/p>\n
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MicroStrategy made great bet with Bitcoin as Michael Saylor shares evidence<\/p>\n<\/div>\n
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Michael Saylor, the founder and chairman of the business intelligence firm MicroStrategy Incorporated, is not mincing words to say its Bitcoin (BTC) bet is a good play. Taking to his official X account, Saylor\u00a0shared<\/a> a chart comparing Bitcoin’s performance with some of the major financial assets it could have\u00a0opted for<\/a> since it adopted the coin as its treasury reserve asset (TRA) in August 2020.<\/p>\n In that time, Bitcoin has soared by 147%. The premier coin dwarfed its closest competitor, the S&P 500, which tracks the performance of 500 stocks trading on U.S. stock exchanges. Since August to date, the S&P 500 has managed 26% growth. The tech stock-heavy Nasdaq Composite comes next in line, boasting of 18% growth since August 2020 compared to Bitcoin’s 147%.<\/p>\n Bitcoin is often touted as a viable\u00a0hedge against inflation<\/a>, and it is often labeled digital gold, accounting for one of the reasons why MicroStrategy is all out on it. Physical gold has nosedived by 3% compared to Bitcoin’s performance, while silver and bonds have slumped by 19% and 24%, respectively.<\/p>\n Judging by the outlook of the comparative alternatives, Saylor declared his verdict, noting that “Bitcoin is stronger.”<\/p>\n MicroStrategy remains the most consistent Wall Street firm with a bullish position on Bitcoin. The firm has not relented on its Bitcoin acquisition since August 2020, and recently, the company\u00a0scooped<\/a> up another 5,445 BTC units.<\/p>\n This recent acquisition was worth $147.3 million, and it takes the company’s total holdings to 158,245 BTC acquired for approximately $4.68 billion. While MicroStrategy’s overall holdings might not be profitable at the moment owing to the average price of the asset, that Bitcoin has outperformed other potential assets justifies its investment overall.<\/p>\n<\/div>\n About the author<\/p>\nMicroStrategy inspiration<\/h2>\n
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