Bitcoin wavered around $20,000, dropping as low as$19,939 again Wednesday. The day continued a painful two months, that have seen the total market cap of the Crypto space drop 47%, from $2.1 Trillion to $891 billion by Wednesday afternoon

Undeterred was noted Bitcoin Bull Michael Saylor, as his Bitcoin company, MicroStrategy, bought another $9.9 million worth of the cryptocurrency between May3 and June 28th at an average price of $20,817. That makes the total bitcoin holdings of MicroStrategy $2.5 billion at Bitcoin’s current value.

That amount of bitcoin has cost the company $3.98 billion, at an average price of $30,664 per bitcoin, according to its latest filing with the SEC.

Saylor said during an interview, “If you look out four years and base your decision making on fundamentals, I think you’d conclude that bitcoin is the right choice for a treasury reserve asset.”

After seeing it drop some 58% since the beginning of 2022, some critics are pointing out however, that bitcoin has yet to show itself as an inflation hedge, or a stable source of value.

Brent Donnelly, a global macro trader and president of Spectra Markets, said, “Bitcoin is younger than either of my two sons. This is [bitcoin’s] first cycle that features institutional adoption, we should not be 100% sure that the next cycle should look the same as this one. Even the long-standing and well-known relationship between Fed policy and stocks is somewhat unstable.”