Michael Saylor Expects Strategy to Crank Up Bitcoin Purchases as ‘Bull Market’ Takes Shape — Sees BTC Topping $100,000 This Cycle

Michael Saylor, Executive Chair of Strategy Inc. (NASDAQ:MSTR), said Tuesday that the company could increase its Bitcoin (CRYPTO: BTC) holdings in the run-up to an expected bull market. Saylor Defends Bitcoin Sales During an interview with Bloomberg Television, Saylor addressed criticism about Strategy selling Bitcoin after encouraging investors to hold the cryptocurrency indefinitely. “We were inoculating the market, and the first move of 32 BTC, people overreacted to. But then later on, we were able to sell thousands of BTC without the market reacting to it all,” he said. Between June 29 and Aug. 24, Strategy paused Bitcoin buying and focused on cleaning up its balance sheet, including selling of 6,916 BTC. The company ended the two-month buying drought in the week ending Aug. 31 and hasn’t sold BTC since then. “So the important thing is that when you do something for the first time, sometimes you get a cramp,” the Bitcoin bull said. “But you have to condition all of your investors and the market in general that you’re going to buy and sell depending upon what’s in the best interest of the shareholders.” What Happens Next? When asked if Strategy is conditioning the market for more BTC sales, Saylor said the firm remains a net acquirer. “I think we’ve acquired more Bitcoin than any company in the world this year,” he added. “We’re moving into a bull market, so I would expect we’ll probably be acquiring Bitcoin, and we will be issuing credit.” Saylor expects Bitcoin to rise back above $100,000 in this bull cycle, while maintaining the long-term outlook that the asset grows 20 to 30% a year over the next twenty years. Read Also: The Math Behind $400,000 Bitcoin By 2029 World’s Largest BTC Hoarder Strategy bought 250 BTC for $21.5 million last week, funding the purchase by selling 125,183 MSTR shares through its at-the-market program and using $500,000 from its cash balance. The firm currently holds 848,250 BTC, worth $70.59 billion, making it the world’s largest corporate holder of the apex cryptocurrency. It sits on unrealized gains of nearly $7 billion. Strategy held $4.88 billion in dollar reserves and $640 million in additional cash. Price Action: At the time of writing, BTC was exchanging hands at $83,745, up 0.20% in the last 24 hours, according to data from Benzinga Pro. Strategy shares were down 0.07% in pre-market trading after closing 0.33% lower at $152.18 during Tuesday’s regular trading session. Benzinga’s Edge Stock Rankings indicate that MSTR has outperformed on price trends across short-, medium-, and long-term horizons. See More: Top Growth Stocks Photo courtesy: Shutterstock