MicroStrategy CEO Michael Saylor, on the heels of the company’s stunning third-quarter earnings report, has revealed more about his commitment to bitcoin.
In a tweet, Saylor unveiled his personal bitcoin holdings, saying that he is “hodling” more than 17,730 BTC, which based on the latest price, he got for a bargain at $9,882 each on average. Saylor said he revealed his personal holdings after being asked about it on Twitter following his company’s $425 million BTC investment.
With the bitcoin price now perched above $13,000, his personal BTC investment has ballooned in value by more than one-third. The MicroStrategy chief’s personal investment came first, which Saylor disclosed to the company ahead of time.
MicroStrategy paid an average of $11,111 for each BTC, the carrying value for which was $9,954 in the third quarter.
Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself.
— Michael Saylor (@michael_saylor) October 28, 2020
Bitcoin Buying Spree
Messari’s Jack Purdy pointed out that Saylor and MicroStrategy combined “own 0.2% of all bitcoin,” forecasting that there will be a “mad rush once large companies and billionaires follow suit.”
The trend has already begun, most notably with tech entrepreneur Jack Dorsey, whose payments company Square recently announced that it purchased $50 million in BTC.
This investment comes alongside Dorsey’s personal bitcoin buying spree. He reportedly doles out $10,000 per week to bolster his bitcoin portfolio.
That's just one small-cap company and one rich dude
It's going to be a mad rush once larger co's and billionaires follow suit
— Jack Purdy (@jpurd17) October 28, 2020
Billionaires, Trillionaires and Bitcoin
Billionaire venture capitalist Chamath Palihapitiya is another bitcoin bull. The Social Capital chief recently responded to arguably the cryptocurrency industry’s biggest headline of the year, which was that PayPal will support cryptocurrency transactions on its payments platform.
He said that this development would lead to “every major bank…having a meeting about how to support bitcoin,” adding,
“It’s no longer optional.”
Incidentally, Palihapitiya predicts the world’s first trillionaire will be made in the climate-change movement, not bitcoin.
After PayPal‘a news, every major bank is having a meeting about how to support bitcoin. It’s no longer optional… pic.twitter.com/eQrdfa4KJ7
— Chamath Palihapitiya (@chamath) October 21, 2020
Other billionaires who are late to the party might not be as fortunate. On-chain analyst Willy Woo predicts that even though bitcoin’s total supply is set at 21 million, it will actually be closer to 17 million, making it an even scarcer asset.
He blames the fact that “many coins died in the fight for being acknowledged as something valuable in the early days,” concluding that it will translate to a supply that can accommodate “0.002 BTC per person on the planet.” Woo’s followers agree that he is referring to the keys that were lost in the beginning.
Total supply of Bitcoin will not be 21m, it'll be around 17m as many coins died in the fight for being acknowledged as something valuable in the early days.
This means 0.002 BTC per person on the planet.
— Willy Woo (@woonomic) October 28, 2020
Now that MicroStrategy’s Saylor has become a mainstay in the cryptocurrency community, his followers want to know more. The next question they have for Saylor is whether or not he is running a Bitcoin node.