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MicroStrategy’s Saylor Defends Buying Bitcoin Amid Criticism, as Price Stalls at the $92,000 Level
After recently experiencing a significant correction, Bitcoin’s price has stalled at around the $92,000 level. This has led to renewed criticism of MicroStrategy’s aggressive buying strategy, with Peter Schiff suggesting that the company may be running out of firepower to continue propping up the cryptocurrency.
However, in a recent statement, MicroStrategy CEO Michael Saylor defended the company’s decision to buy Bitcoin at its current price. Despite the naysayers, Saylor remains committed to his investment thesis, which is based on the potential for decentralized digital currencies like Bitcoin to revolutionize the way we think about money.
As reported by U.Today earlier today, the company’s most recent purchase was the smallest in months, with an average purchase price above the market price. This move has sparked concerns that Saylor may be struggling to find value at these levels.
However, Saylor remains undeterred, stating that he is confident in his ability to continue generating returns for investors despite the current market conditions. It seems unlikely that this will change anytime soon, as MicroStrategy recently announced plans to hold a shareholder vote to increase its authorized Class A shares to 10.33 billion.
It’s worth noting that Saylor has been known to take contrarian views on the cryptocurrency market, often going against the consensus of more bearish investors.
Source: u.today
