**Saylor and the BTC Purchases: A Bold Bitcoin Accumulation Strategy**

**MicroStrategy**, under the leadership of its co-founder and CEO **Michael Saylor**, has become one of the largest and most well-known corporations to adopt **Bitcoin (BTC)** as a primary store of value on its balance sheet. Since August 2020, the company has initiated an aggressive BTC buying strategy, becoming one of the largest institutional holders of Bitcoin in the world.

**Context and Motivation**

Michael Saylor, a staunch advocate of Bitcoin, believes that the cryptocurrency is a **superior form of store of value** compared to gold and fiat money, due to its scarcity (limited to 21 million units), resistance to inflation, and long-term appreciation potential.

MicroStrategy, originally a software company, decided to allocate a significant portion of its cash to BTC as a hedge against dollar devaluation and inflation, especially in a context of expansionary monetary policies by the Federal Reserve (Fed) in the US.

**Purchase History**

Since 2020, MicroStrategy has been consistently accumulating Bitcoin, often financing the purchases through **debt issuance (convertible bonds)** and even using operating profits. Some key milestones include:

- **August 2020**: First purchase of **21,454 BTC** (US$132,637,908,412.50 million).

- **December 2020**: Additional purchase of **29,646 BTC** (totaling ~70,000 BTC).

- **2021-2024**: Ongoing acquisitions, even during market downturns ("bear markets").

- **June 2024**: MicroStrategy holds over **214,000 BTC**, acquired for a total value of **~US$132,637,908,417.5 billion** (average of ~US$132,637,908,4135,000 per BTC).

**Market Impact**

Saylor's and MicroStrategy's aggressive strategy has had several effects:

1. **Stock Appreciation (MSTR)**: The stock price of MicroStrategy (MSTR) has become highly correlated with BTC. #SaylorBTCPurchase