Due to the continued downturn in the cryptocurrency market, MicroStrategy is now in an unrealized loss state on its bitcoin (BTC) holdings. Michael Saylor's company is the largest corporate holder of the top digital asset, owning nearly 130.000 BTC.
Despite the industry's oscillating condition, Michael Saylor remains optimistic, predicting that bitcoin will overcome the crash and bring profits to its owners.
The American smart business company, led by bitcoin bull Michael Saylor, has shown its strong support for cryptocurrency on several occasions and now would be no different. Over the past two years, the company has made numerous BTC purchases, the latest being at the beginning of last month, when it bought $190 million of the asset.
With the latest acquisition, the company's holdings have increased to 129.218 BTC and the average price is around $30.700. However, recent instability in the digital asset market, specifically bitcoin, which has dropped by more than $10.000 in a week, has hurt MicroStrategy's BTC position, with the company posting unrealized losses of around $320 million.
Even with the scary numbers for any manager, Saylor doesn't seem to be panicking because of the market's decline. The American, who has assured several times that MicroStrategy will not sell his BTC positions, continues to bet that bitcoin will recover and deliver profits to those who held it during the most turbulent times.
O bitcoin price is defined by who has more money and less knowledge than you. In time they will get the knowledge and you will get the money,” Michael Saylor commented in a Twitter post.
The #bitcoin price is set by those with more money and less knowledge than you. In time, they will get the knowledge and you will get the money.
- Michael Saylor⚡️ (@saylor) May 11, 2022
At the time of writing, according to data from Coingecko, Bitcoin was trading at $29.272,94; with a 4,3% recovery in the last hour, but a sharp drop of 26,1% in the last seven days.
It is worth remembering that earlier this year, MacroStrategy, a subsidiary of MicroStrategy, received a loan $205 million guaranteed by BTC holdings, being financed by American fintech, Silvergate Bank.
