The cryptocurrency market crashed. They are still buying Bitcoin.

“If you point out the risks someone is taking and they are healthy, you could be accused of creating a case,” said Michael Saylor, chief executive officer of MicroStrategy, a software company. run away from the bank or become a troll,” said Michael Saylor, chief executive officer of MicroStrategy, a software company. has built up a large Bitcoin reserve. “It was difficult to explain this theoretically before the accident happened. But now it happened. “

In 2020, Mr. Saylor announced that MicroStrategy will start hoarding Bitcoin because it has “more long-term upside potential than holding cash.” At the end of June, the company had 129,699 Bitcoins, purchased for just under $4 billion, according to the SEC file. (Given Bitcoin’s recent drop in value, that hoard is now worth about $1 billion less than what MicroStrategy paid for it.)

At the height of the crash, MicroStrategy spent $10 million on 480 Bitcoins, even as the price per coin dropped to around $20,000. The purchase is the smallest MicroStrategy has made in over a year. Mr. Saylor said the size of the purchase was not indicative of his lack of confidence in the currency; It was the highest amount the company could afford, he said.

“I always wish we could buy more,” he said. “It’s frustrating.”

Saylor and other maxis sometimes complain that Bitcoin is underrepresented in Washington, where legislators have expressed There is growing concern about the environmental impact of cryptocurrencies.

Some of the pro-crypto activities in Washington are funded by virtual currency providers built on an alternative verification system that requires less energy to maintain. In April, Chris Larsen, a billionaire co-founder of cryptocurrency company Ripple, announced that he is contributing $5 million for a marketing campaign calling for Bitcoin to give up its energy-hungry mining infrastructure, which proponents stress is important for keeping the network safe and fair.

Now, Bitcoin supporters are building their own political machine. This year, David Zell, a Bitcoin advocate, founded the Bitcoin Policy Institute, an advisory organization promoting the pro-Bitcoin agenda in Washington. The Institute has argued that Concerns about Bitcoin’s energy consumption are overblown.

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