The executive chair of MicroStrategy declared that Bitcoin was better than gold and real estate and projected that money from those sources will enter the cryptocurrency.
Although the holdings of his company MicroStrategy have increased to an unrealized profit of just around $4 billion, Michael Saylor has no plans to sell Bitcoin.
“I’ll always be purchasing the top. When questioned on February 20 by Bloomberg about whether his company would sell its 190,000 BTC holdings, which are currently valued at approximately $9.88 billion, Saylor responded, “Bitcoin is the exit strategy.”
Saylor presented a bullish argument for Bitcoin, saying that it is “technically superior” to real estate, the S&P 500, and gold, even though the market value of each asset class is significantly smaller than that of Bitcoin, which is $1 trillion.
He stated, “We think capital will continue to flow into Bitcoin from those asset classes.”
In 2020, business intelligence software company MicroStrategy became the first publicly traded company to begin accepting Bitcoin. At an average cost of $31,224 per Bitcoin as of the fourth quarter of 2023, MicroStrategy’s total investment cost came to $5.93 billion.
As of Friday, Feb. 16, according to HODL15Capital statistics, spot Bitcoin exchange-traded funds (ETFs) based in the United States, with the exception of the Grayscale Bitcoin Trust (GBTC), held an estimated 270,000 BTC.
The demand for Bitcoin, according to Saylor, “has been far in excess of the supply from the miners,” sometimes reaching “ten times as much,” as a result of consumers’ increased thirst for ETF products.
He dismissed worries, meanwhile, that MicroStrategy would find it more difficult to purchase Bitcoin because the company has a “levered operating strategy” for its digital asset investments.
Saylor stated, “The spot ETFs have created a channel for institutional money to enter the Bitcoin ecosystem.” “They’re enabling the digital transformation of capital, and hundreds of millions of dollars of capital are moving into the digital economy every day from the traditional analog ecosystem.”
There’s a rising tide here. All boats will be raised by it, he declared.
