MicroStrategy's Michael Saylor Stands By Bitcoin Amid Big Sell-Off

Bitcoin BTC/USD and other cryptocurrencies are selling off Wednesday, with the most recent trigger being the Chinese central bank's diktat preventing domestic financial institutions and payment processors from accepting or providing cryptocurrency-related services.

However, Bitcoin bulls such as MicroStrategy Incorporated's MSTR Michael Saylor have leaped to its defense.

MicroStrategy to Stay Invested: MicroStrategy, which holds a substantial amount of Bitcoin in its balance sheet, is unlikely to liquidate the holding. CEO Saylor said that entities he controls have acquired 111,000 Bitcoins and have not sold any.

In the first-quarter earnings report released in late April, MicroStrategy said its bitcoin holdings exceed 91,000.

Subsequently, on May 13, the company said it bought 271 bitcoins for $15 million in cash, at an average price of approximately $55,387 per bitcoin.

MicroStrategy revealed in a Tuesday filing it had purchased approximately 229 bitcoins for $10 million in cash, at an average price of approximately $43,663 per bitcoin. This has taken to the company's total Bitcoin holding to 92,079.

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