The cryptocurrency market has collapsed. They are still buying bitcoins.

“If you mention someone’s risks they’re taking and they’re otherwise healthy, you could be accused of running a bank or being a troll,” said Michael Saylor, chief executive of MicroStrategy, a software development company. security, which created a large reserve of bitcoins. “Theoretically, it is difficult to explain before the accident occurs. But now it has happened.”

In 2020, Mr. Sailor announced that MicroStrategy will start accumulating bitcoin because it had “more long-term upside potential than cash.” At the end of June, the company had 129,699 bitcoins purchased for just under $4 billion, according to the SEC. the documents. (With Bitcoin’s recent drop in value, this 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, although the price per coin had dropped to around $20,000. This purchase was the smallest MicroStrategy has made in more than a year. mr. Saylor said the size of the purchase does not indicate that he does not trust the currency; According to him, this was the maximum that the company could afford, given the cash it had.

“I always wished we could buy more,” he said. “It’s frustrating.”

mr. Sailor and other dignitaries have sometimes complained that Bitcoin is poorly represented in Washington, where lawmakers expressed growing concern about the impact of cryptocurrencies on the environment.

Some of the crypto protection work in Washington is funded by companies that offer virtual currencies built on an alternative verification system that requires less power to maintain. In April, Chris Larsen, the billionaire co-founder of cryptocurrency company Ripple, announced that he was doing his part. $5 million to a marketing campaign urging Bitcoin to abandon the energy-hungry mining infrastructure that advocates insist is vital to keeping the network safe and fair.

Now Bitcoin supporters are building their own political apparatus. This year, David Zell, a bitcoin advocate, founded the Bitcoin Policy Institute, a think tank that advances the pro-bitcoin agenda in Washington. The Institute claimed that Concerns About Bitcoin’s Power Consumption Are Exaggerated.