Microstrategy CEO Michael Saylor has doubled down on Bitcoin as an investment, saying that the decision to invest $600 million of the company’s reserves in the asset comes from a lifetime experience and months of analysis. Saylor made the remarks in a tweet after an interview with CoinDesk during the Bitcoin for Advisor’s conference on Nov. 18.
- The decision to invest the reserves in Bitcoin was driven by the need to preserve the company’s cash treasury, which Saylor felt was being debased as a result of inflation
- The investment makes good on a previous statement that the company was looking to go further with Bitcoin investments
- The CEO was once a critic of Bitcoin, but in recent months has become a staunch supporter of the asset, even suggesting that Apple should integrate the asset into its Apple Pay service
- Microstrategy’s $426 million investment has already turned a profit of over 50%, with the holdings now worth approximately $650 million
- Saylor himself personally owns $240 million in Bitcoin, which he bought before the company invested in the asset