MicroStrategy co-founder Michael Saylor has hinted at an imminent Bitcoin purchase by the company, following a recent dip in the cryptocurrency's price from its all-time high of $112,000 on May 22. Saylor, who is known for his bullish stance on Bitcoin, stated in a post to his 4.3 million followers that he only invests in Bitcoin with money he cannot afford to lose.

MicroStrategy made its most recent Bitcoin purchase of 7,390 BTC on May 19, totaling nearly $765 million, which increased the company's total holdings to 576,230 BTC. If the acquisition is completed on May 26, it will mark the seventh consecutive week of Bitcoin purchases for the company.

The company's consistent accumulation of Bitcoin has made MicroStrategy a prominent player in the cryptocurrency space. By stacking large amounts of BTC in its corporate treasury, MicroStrategy has not only inspired other companies to adopt a similar strategy but has also contributed to the sustained demand for Bitcoin from institutional investors, thereby supporting the price of the digital asset.

Market analyst Jeff Walton recently suggested that MicroStrategy could potentially become a $10 trillion company and could even surpass other publicly traded corporations to become the most valuable in the world, thanks to its growing Bitcoin stockpile. Walton highlighted that MicroStrategy holds a significant amount of Bitcoin, which he referred to as the "best asset" and "the most pristine collateral" on the planet.

Saylor has been vocal about his belief in Bitcoin's long-term potential, predicting that the cryptocurrency could reach millions of dollars per coin in the coming decades. He argues that Bitcoin's limited supply makes it an attractive investment compared to fiat currencies, which have no supply cap.

Despite Saylor's optimism, Bitcoin has faced challenges in reaching the $150,000 price level in the short term. Saylor attributed the sluggish price action to investors taking profits early and rotating out of Bitcoin due to a lack of long-term conviction.

MicroStrategy's strategic approach to investing in Bitcoin has garnered attention in the crypto community and beyond. The company's relentless accumulation of the digital asset has positioned it as a major player in the cryptocurrency market, influencing other corporations to consider adding Bitcoin to their balance sheets as a hedge against inflation and a store of value.

Source: https://cointelegraph.com/news/michael-saylor-hints-buying-bitcoin-dip?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound