Bitcoin's 'Dead Bull' Won't Stop After Losing 40%

The market value of Microstrategy's Bitcoin is greater than the market value of the company itself.

Microstrategy creator Hodler Saylor hasn't given up on his thousand-dollar bet on Bitcoin, despite falling nearly 40% from last year's peak. He said in an interview that he has hope for the future even though Bitcoin is still in decline.

In the meantime, the company has increased its own bitcoin holdings, even making bitcoin a synonym for stock company.

Microstrategy shares jumped 900% in the summer of 2020 when it first announced it would buy bitcoin as the basis for its cash management, but recently it predicted that around $5 billion bitcoin hold had been refunded.

Microstrategy stock underperformed Bitcoin as risk appetite waned in the market. Additionally, Microstrategy has been buying Bitcoin since late February last year at a price above the current exchange rate. However, thanks to early acquisitions, the Bitcoin Insurance Company is still profitable, with approximately 124,391 Bitcoins held as of the end of December.

Thaler reported that while Bitcoin has fallen from nearly $69,000 in November to below $40,000 this month, he is not afraid to hold onto his Bitcoin. Bitcoin remains "safe" given continued inflation. “The best way to fight inflation is to buy bitcoins, and I can think of no better way than to trade your assets for bitcoins in an inflationary environment,” he said.

Thaler has become a cryptocurrency celebrity using bitcoin as an alternative way to show buyouts and businesses, and fans like Elon Musk are following suit and including bitcoin in every company's asset portfolio. However, fund managers are still debating the value of Bitcoin as a hedge against financial risk due to the lack of historical data.

"We know the outcome of doing nothing because we've seen 99% of our competitors fall," Thaler said. Where are we going. From the continuation of the Bitcoin strategy. And selling the business," Thaler said. I chose Bitcoin."

With the market value of Microstrategy's Bitcoin now higher than the market value of the company itself, Thaler promised to use the company's profits to buy Bitcoin and hoped many Wall Street celebrities would attend. "I think Bitcoin is just rallying and bottoming out, and $11,000 to $59,000 more is good access for home traders," he said.