On March 11, Strategy (Nasdaq: MSTR) founder and chairman Michael Saylor posted on X (formerly Twitter) that the US should buy Bitcoin , similar to how it had purchased land in the country historically.
Saylor claimed that the US had purchased 78% of its land for $40 million during the previous centuries. The acquired land spread across Manhattan, Louisiana, California, and Alaska is worth $23 trillion today.
Saylor compared Bitcoin to these historic land purchases and urged the US government to purchase the “digital gold” as President Trump’s Executive Order on the Strategic Bitcoin Reserve is set in motion.
Saylor has been bullish on Bitcoin for years now, with Strategy (earlier MicroStrategy) being the largest corporate holder of Bitcoin. The company holds $40.6 billion in Bitcoin; so far, it has purchased 499,096 Bitcoin for $33 billion at an average price of $66,423 a token.
On March. 10, Strategy announced a $21 billion At-The-Market (ATM) offering of its Series A Perpetual Strike Preferred Stock (STRK) in a bid to acquire additional Bitcoin, besides meeting other requirements.
The MSTR stock fell 10% yesterday following the announcement. It managed to recover by 5% today, trading at $248.4 at press time.
Even Bitcoin has slipped from nearly $92,500 to slightly above $81,000 within a span of five days. However, such volatility has never deterred Saylor from believing in Bitcoin as Strategy leads in corporate adoption of Bitcoin.
In fact, if an individual had invested $100 in Bitcoin on August 11, 2020—the date of MicroStrategy's initial Bitcoin purchase at around $11,500 per coin — that investment would now be worth approximately $707, marking a 607% return.