Publicly traded business intelligence firm MicroStrategy is pledging to add more Bitcoin to a corporate balance sheet that already includes 105,000 BTC worth roughly $4 billion.
Speaking during a live video call with investors Thursday, CEO Michael Saylor and CFO Phong Li struck a defiant tone at a time when the mainstream press has taken aim at the firm for its focus on accumulating Bitcoin amid its recent market downturn.
However, Saylor appeared unassuaged by criticism, stating: “Our macro strategy is to acquire and to hold Bitcoin. We’ll help explain Bitcoin to the regulators, to the public and to the media.”
“We think acquiring Bitcoin at this time is going to be a wise move. We feel like there is a land grab right now to acquire as much as we can,” he said.
Elsewhere, Saylor said he was “pleased” with the investment (to date the firm has invested over $2 billion in Bitcoin), while describing an improving economic environment for Bitcoin despite negative news catalyst that have seemingly deterred retail investors of late.
“The China exodus was a really good thing for Bitcoin. The result was a decentralization of mining throughout the world,” Saylor said. “Long term, the Westernization of Bitcoin is good for Bitcoin, the U.S. dollar and Western technology.”
Still, in the question-and-answer portion of the event, Saylor faced no shortage of questions, including whether the company would consider investing in other “crypto assets” including Ethereum.
Saylor replied, “Our strategy is to focus on Bitcoin. I can plug Bitcoin into the entire digital economy and it makes everything better. Bitcoin fixes everything.”
“The least risky, most diversified investment strategy is to simply hold Bitcoin.”
For his part, Li backed Saylor’s statements arguing the investment has “generated substantial value for shareholders” and noting that the company is still in the early stages of deploying its Bitcoin strategy.
“Going forward you can expect we will purchase additional bitcoin,” he said.