MicroStrategy CEO Michael Saylor announced in a tweet that his software company has purchased an additional $10 million in bitcoin and proclaims that "gold is dead money."

In 2020 MicroStrategy purchased roughly 70,469 bitcoin at an aggregate cost of $1.125 billion, with an average price of $15,964 per bitcoin, according to a tweet by the company.

Saylor confirmed the growing interest from institutional executives in the crypto industry after he announced their purchase of over $1 billion worth of BTC last year. He was contacted by numerous CEOs for more information.

MicroStrategy's massive $1 billion bitcoin purchase came in two primary waves — the first purchases was announced in August 2020 and the second one announced in January 2021. Saylor has the luxury of continue to investing profits into bitcoin since he is sitting on an average purchase price under $17,000.

Saylor is probably as bearish on gold as he is bullish on bitcoin, "Gold is dead money," he said, "Sell your gold, buy Bitcoin because other people are going to sell their gold and if you wait until you’ve been front-run by all the hedge funds when they dump their gold, you’re going to be the last person out."

Saylor is turning his pedestrian software company into more like a Bitcoin hedge fund that happens to make software.

MicroStrategy is prepared to HODL for a long time, “I want something that I could put $425 million into for 100 years,” Saylor told CoinDesk in an interview. They announced in their Q4 2020 report that it will "continue to hold our bitcoin and invest additional excess cash flows in bitcoin.”

A lesser-known fact, in December 2000, the U.S. Securities and Exchange Commission (SEC) charged MicroStrategy and its top three executives (including Saylor) to pay $11 million to settle civil accounting fraud charges related to doctored reporting of their financial results. Saylor has managed to keep his company out of trouble for most the the last 20 years.