“We may be in the middle of a crypto winter, but spring is coming — and Bitcoin is winning,” Saylor said in a post on X.
- Saylor’s comments come after Strategy announced it had bought nearly 2,500 Bitcoin over the past week.
- He pegs his optimistic outlook on Bitcoin and the crypto market on the banking sector supporting the apex cryptocurrency in a much bigger way that four years ago.
- In an interview with Fox News, Saylor said Strategy’s has enough capital to survive the next 50 to 60 years.
Strategy (MSTR) executive chairman Michael Saylor said on Tuesday night that Bitcoin (BTC) is winning even amid the current crypto climate after the company announced it had bought more of the apex cryptocurrency.
“We may be in the middle of a crypto winter, but spring is coming — and Bitcoin is winning,” Saylor said in a post on X. His company bought another 2,486 BTC over the past week for around $168.4 million. MSTR’s total Bitcoin holdings now stand at 717,131 Bitcoin after spending nearly $55 billion on purchases.
Bitcoin Will Have A ‘Glorious Summer’
In an interview with Fox News Saylor acknowledged that the market is in a crypto winter, it’s much milder than its previous iterations and he expects this one to be shorter than the others. “It’s going to be followed by a spring and then a glorious summer,” he said.
He pegs his optimistic outlook on Bitcoin and the crypto market on the banking sector supporting the apex cryptocurrency in a much bigger way that four years ago. “We’ve got the formation of digital credit networks, banking credit networks. We’ve got the support of the administration. We’ve got a Bitcoin president. We’ve got 12 Cabinet members that are pro digital assets and pro innovation,” he said listing out the reasons.
MSTR’s Bitcoin Has Gotten Expensive
Strategy’s average acquisition price for its Bitcoin currently stands at around 76,000, considerable higher than Bitcoin’s current trading range under the $70,000 mark. Bitcoin’s price was trading at around $67,700 on Tuesday night, down around 1% in the last 24 hours.
However, according to Saylor, as he’s reiterated multiple times before, this is not a concern for Strategy because it bought most of its Bitcoin with equity, not debt. “So if we did buy the Bitcoin a little bit higher than the current level, we sold equity that it was a massive premium to the Bitcoin at the time that we bought it,” he explained. “So the company’s balance sheets of fortress were fairly indestructible.”
Saylor added that even if Strategy cannot add Bitcoin every week, the company intends to continue accumulating at least once per quarter. He said the company holds roughly $2.25 billion in cash and described its Bitcoin reserves as equivalent to decades of dividend capacity, arguing that the firm has sufficient capital resources for the next 50 to 60 years.
MSTR’s stock is currently over 70% below its 52-week high. The shares edged 0.68% lower in overnight trade following a dip of 3.89% in the regular session. On Stocktwits, retail sentiment around the Bitcoin proxy improved to ‘neutral’ from ‘bearish’ a day ago.
Read also: Dogecoin, Ethereum Outpace Bitcoin While Crypto Market Slips Below $2.4 Trillion
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