Michael Saylor’s Strategy, previously MicroStrategy, has indicated that it plans to continue its Bitcoin accumulation despite concerns of a bear market. This comes amid the BTC decline, which now puts the company at risk of watching its portfolio go underwater.
Strategy Reaffirms Commitment To Keep Accumulating Bitcoin
The company, in an X post, hinted at plans to keep buying Bitcoin despite bear market jitters. This came as it alluded to the 2022 crypto winter, when their average cost basis was $30,000 while the BTC price traded almost 50% below it at $16,000.
Despite that, Strategy doubled down and bought more Bitcoin rather than selling, despite its unrealized losses back then. As such, the company is hinting that it plans to follow this same playbook no matter what happens this time around.
Notably, Saylor’s firm already looks to be adopting this playbook as the company has purchased BTC every week this month despite the flagship crypto being down almost 24% this month. As CoinGape reported, it made an 8,178 BTC purchase last week, its largest since July, and now holds 649,870 BTC at an average cost price of $74,433.
Just as during the 2022 crypto winter, Strategy is again at risk of seeing Bitcoin drop below the average cost basis of its BTC holdings. The flagship crypto is currently hovering just above $80,000, with veteran trader Peter Brandt predicting that BTC could drop to as low as $58,000 in this bear market.
Meanwhile, it is also worth mentioning that Saylor recently stated that Strategy’s commitment to Bitcoin is “unwavering.” He made this comment while addressing the MSCI index situation, with his company at risk of removal from key indices. “Index classification doesn’t define us. Our strategy is long-term, our conviction in Bitcoin is unwavering, and our mission remains unchanged,” he said.
Peter Schiff Counters Saylor On “Indestructible” Comments
Bitcoin critic Peter Schiff has countered Saylor’s comments that Strategy is “indestructible” and can survive an 80% to 90% BTC crash. In an X post, the renowned economist stated that it is unlikely that Saylor’s claim is true.
He explained that shareholders won’t be fine with losing 90% of their investment. Schiff added that a potential 90% crash in Bitcoin would likely mean MSTR stock is trading at a huge discount to its mNAV, further amplifying losses.
Schiff had earlier described Strategy’s business model as a “fraud.” He remarked that regardless of what happens to Bitcoin, he believes that the company will eventually go bankrupt.
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Source: https://coingape.com/michael-saylors-strategy-hints-it-will-keep-buying-bitcoin-citing-2022-bear-market/
