bullish

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Bitcoin

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Update (Dec. 9 at 4:45 pm UTC): This article has been updated to correct the text of Salyor’s statements to Yahoo Finance.
MicroStrategy, one of the largest corporate holders of Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>), is continuing to stack BTC despite the cryptocurrency surging to new all-time high prices above $100,000.
MicroStrategy acquired 21,550 BTC for $2.1 billion from Dec. 2 to 8 at an average price of $98,783 per BTC, the company <a data-ct-non-breakable="null" href="https://assets.contentstack.io/v3/assets/bltb564490bc5201f31/blt81002dc8fb7c8644/6756dfe8d8a11dc3c8ba968b/form-8-k_12-09-2024.pdf" rel="null" target="null" text="null" title="null">announced</a> on Dec. 9.
As of Dec. 8, MicroStrategy held a total of 423,650 BTC acquired for $25.6 billion at $60,324 per BTC, MicroStrategy co-founder, chairman and former CEO Michael Saylor <a data-ct-non-breakable="null" href="https://x.com/saylor/status/1866106687699964016" rel="null" target="null" text="null" title="null">said</a> in a statement on X.
The announcement came shortly after Saylor predicted he would still be buying Bitcoin at $1 million one day.
<h2 id="i-m-sure-that-i-will-be-buying-bitcoin-at-1-million-a-coin">“I’m sure that I will be buying Bitcoin at $1 million a coin”</h2>
MicroStrategy’s latest purchase came when Bitcoin had reached new all-time highs, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-hits-100-000-first-time-new-all-time-high" rel="null" target="null" text="null" title="null">breaking above $100,000</a> for the first time on Dec. 5.
Despite the new highs, Saylor reiterated his bullish stance on the cryptocurrency and his <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/day-trading-vs-long-term-cryptocurrency-hodling-benefits-and-drawbacks" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/articles/day-trading-vs-long-term-cryptocurrency-hodling-benefits-and-drawbacks">hodl philosophy</a>.
“I’m sure that I will be buying Bitcoin at $1 million a coin — probably $1 billion dollars a day of Bitcoin at $1 million a coin,” Saylor <a data-ct-non-breakable="null" href="https://x.com/YahooFinance/status/1864770972664107476" rel="null" target="null" text="null" title="https://x.com/YahooFinance/status/1864770972664107476">said</a> in an appearance on Yahoo Finance’s Market Domination.
<h2 id="saylor-urges-the-us-to-dump-gold-for-bitcoin">Saylor urges the US to dump gold for Bitcoin</h2>
The Bitcoin bull has also urged the United States government to dump gold reserves and buy more Bitcoin as a hedge against inflation.
<figure>
 <img alt="Bitcoin Price, Predictions, Hodl, Michael Saylor" src="https://s3.cointelegraph.com/uploads/2024-12/0193ab9f-76d3-75df-9ad3-98d11e40557e" title="">
 <figcaption style="text-align: center;">
 MicroStrategy co-founder Michael Saylor predicts he will be buying Bitcoin at $1 million per coin. Source: <a data-ct-non-breakable="null" href="https://x.com/BitcoinNewsCom/status/1864780148668563773" rel="null" target="null" text="null" title="https://x.com/BitcoinNewsCom/status/1864780148668563773">Bitcoin News</a>
 </figcaption>
</figure>
“Dump your gold. Sell all the US gold, [and] buy Bitcoin, then the trade is free because you can buy 5 million Bitcoin for the cost of the gold. You will demonetize the entire gold asset class, and our enemies hold gold in their banks, so their assets would go to zero. Our assets would go to a hundred trillion dollars,” Saylor told Yahoo Finance.
Saylor’s remarks came amid US Federal Reserve Chair Jerome Powell reiterating that Bitcoin is a direct <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-competes-with-gold-us-dollar-says-fed-jerome-powell" rel="null" target="null" text="null" title="null">competitor to gold and isn’t a threat to the US dollar</a>.
Magazine: ‘<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-100k-china-microstrategy-coinbases-stablecoins-asia-express/" rel="" target="_self" text="null" title="https://cointelegraph.com/magazine/bitcoin-100k-china-microstrategy-coinbases-stablecoins-asia-express/">China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum: Asia Express</a>

Buying the top forever: MicroStrategy bags 21.5K Bitcoin at peak prices

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