Bitcoin Whale Michael Thaler: Bitcoin Security, Don't Buy It, Buy It

Michael Thaler, founder and CEO of MicroStrategy, the world's largest public bitcoin company, said on Thursday that it will not sell its bitcoins, even though the price of the cryptocurrency has fallen 40% since November. .

The Bitcoin bull market has stated that it is unwilling to sell its crypto assets despite the long bear market.

"At least. No. We're not selling. We're just buying and holding bitcoins. That's our idea, isn't it?" he said in an interview Thursday.

In 2020, MicroStrategy became the first US company to buy and hold Bitcoin on its balance sheet. Since then, the smart software industry has amassed around 124,391 bitcoins, which equates to $5.2 billion in current value.

From August 2020, microstratural increase the Piitcuro Pepfolio and purchases are encrypted more.

The company's stock market rose more than 900% in its shares after announcing thousands of dollars in Bitcoin investment. However, the recent reluctance to continue buying Bitcoin, largely backed by loans, has raised concerns among investors.

Shares of the company have fallen 16% in the past 12 months, compared to a 35% rise in Bitcoin. This suggests that Thaler would have opted for a dangerous plan. Additionally, MicroStrategy has been buying Bitcoin at a higher average price than the current market price since late February last year.

However, Thaler said he expects Bitcoin to hit $600,000 first and then $6 million.

In an interview on Thursday, he said he wasn't worried about Bitcoin falling from nearly $69,000 in November to below $40,000 this month amid runaway inflation.

“The best hedge against inflation is the bitcoin model, so I don't think there's a better way to get our business than to change our balance sheet to bitcoin. We've been good in an inflationary environment,” did he declare.

Thaler also has a crush on Bitcoin as he worries about the Fed using cheap money to boost trade in the event of a spread.

He said, "We've seen 99% of our competitors die, so we know what happens if we don't do anything, and if we keep it going, we know where we're going. I chose Bitcoin."