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The crypto market crashed. They are still buying bitcoin.

“If you call someone the risk they are taking, and they are otherwise healthy, you can be accused of being run over or trolling the bank,” said Michael Sayer, chief executive of MicroStrategy, a software company. The company that created a large bitcoin reserve. “Theoretically it is difficult to explain before the accident happened. But now it has happened.”

In 2020, Mr. Sayler announced that MicroStrategy would begin stocking bitcoin as it “has more long-term appreciation potential than holding cash.” According to an SEC filing, at the end of June, the company had 129,699 bitcoins that were bought for just under $4 billion. (With the recent decline in the value of bitcoin, that stash 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 fell to around $20,000. The purchase was the smallest purchase made by MicroStrategy in over a year. Mr. Saylor said the size of the purchase was not an indication that he lacked confidence in the currency; This, he said, could have cost the most considering the cash available with the company.

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

Mr. Saylor and other maxis have sometimes complained that bitcoin is poorly represented in Washington, where lawmakers have expressed growing concern about the environmental impact of the cryptocurrency.

Some crypto advocacy work in Washington is funded by companies that offer virtual currencies built on alternative verification systems that require less energy to maintain. In April, Chris Larsen, a billionaire who co-founded the cryptocurrency company Ripple, announced that he was contributing $5 million to a marketing campaign that would encourage bitcoin to abandon its energy-guzzling mining infrastructure. was calling for, which supporters say is crucial to keeping the network secure. and justified.

Now, bitcoin supporters are building their own political system. This year, David Zell, a bitcoin advocate, started the Bitcoin Policy Institute, a think tank that advances the pro-Bitcoin agenda, in Washington. The institute has argued that concerns have been raised over the energy consumption of bitcoin.

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