Michael Saylor's bitcoin bet seems to be paying off, as the largest crypto by market cap is trading around $29,000. It's a stark change to when the bitcoin bubble had burst and questions circulated about how painful things might get for MicroStrategy, given that it had taken on debt to buy it.
We talk about Bitcoin and we talk about in relation to both micro strategy, Michael Saer in the world of crypto hedge funds. If you bought Bitcoin this year, you're actually doing better than if you were investing in a crypto hedge fund. According to a new report from investment advisor, 21 E six capital, crypto hedge funds return an average of 15% during the period versus an 83% gain for Bitcoin. It's again, according to 21 E six capital. Now that, that's tying into microstrategy, which has been doubling down on its Bitcoin buys issuing another $750 million worth of common shares for ostensibly to go, go and buy more Bitcoin. Michael Saylor began buying Bitcoin in August of 2020. And once again, they are nearing the black as opposed to the deep, deep red they've been in with those Bitcoin buys for a little bit here, Zach and he takes on Michael Sayer, buying more Bitcoin coin, go up, coin, go down, you look really good in the good times, really bad in the bad and he's just sticking it out no matter what so he can get the access to the upside and downside when it comes to the public spotlight. Currently, he's looking great this time last year. Not so hot it's gonna change. He's not going anywhere. He's got the conviction we'll do this whole cycle like three more times when the chart flips, it's gonna be great. I mean, I think it's gonna be great. I think it is. The research report you mentioned is interesting. The crypto Hege fund stuff. So, yeah, Bitcoin go Bitcoin. That's all I got Jen. Yeah. Um You know, Sailor is like the toddler I feel and there was some data that came out this morning. That's gonna be in the chart of the day that showed that long term Bitcoin holders hold 14.5 million Bitcoin, which equals 75% of circulating supply right now, which I think is pretty cool. And Michael Saer is one of those, one of those people who's just been holding on and good for him, Wendy. This story actually means to me that Black Rock increased their Bitcoin holdings because Blackrock owns approximately 8.10% of micro strategy. Everything is connected. Everything is intertwined. I'm happy that Michael Sailor is grifting and buying Bitcoin. That's free marketing for my bag. So Michael Saer, thank you so much for pumping my Bitcoin bag. So I don't know, I don't, I'm not very excited about this story at all. I don't really care about billionaires and rich people buying Bitcoin. I think that, I mean, they can because we're supposed to operate in true decentralized economy. But Bitcoin was created for the people by the people to help the underdogs, to help people like me, to help people like you. And I don't really care too much about Michael. Say it's a big nothing burger to me.