Bitcoin bull Michael Saylor says MicroStrategy will never sell its $5 billion crypto stash even if prices crash

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Michael Saylor doesn't intend to ever change MicroStrategy's multibillion-dollar bitcoin acquisition plan, despite a painful 40% slide in the cryptocurrency's price.

The noted bitcoin bull said he wouldn't be tempted to sell the crypto asset, even in the face of an extended bear market.

«Never. No. We're not sellers,» the MicroStrategy CEO told Bloomberg in an interview published Thursday. «We're only acquiring and holding bitcoin, right? That's our strategy.»

In late 2020, MicroStrategy became the first publicly traded company in the US to buy and hold bitcoin as part of its balance sheet. Since then, the business intelligence software maker has accumulated around 124,391 bitcoins worth about $5.2 billion at current prices, according to Bitcoin Treasuries.

MicroStrategy has continuously added to its bitcoin portfolio since August 2020, sticking to its promise to keep buying more of the leading digital currency.

After announcing its multibillion-dollar bitcoin bet, the company's stock rose more than 900% at one point. But its enterprising move to continuously make crypto purchases, which is largely backed by loans, has recently shown diminishing returns. 

The company's stock has dropped 16% in the last 12 months, compared with bitcoin's 35% gain in the same period — suggesting Saylor may have chosen a risky strategy. On top of that, the average price of MicroStrategy's bitcoin purchases since late February is higher than the token's current trading levels.

Even so, its CEO predicts bitcoin will first reach $600,000 a coin, before eventually hitting $6 million.

Bitcoin was last trading around $41,942 on Thursday, and has fallen 11% in the last month, according to CoinGecko data.

Saylor told Bloomberg he