Michael Saylor, the executive chairman and co-founder of MicroStrategy, has revealed his personal Bitcoin holdings, which exceed $1 billion. In an interview with Bloomberg, Saylor referred to Bitcoin as “cyber Manhattan,” a wise move is usually to invest in prime assets.
He chose not to disclose the precise sum of his Bitcoin holdings. Nevertheless, he disclosed his ownership of 17,732 BTC—acquired initially for almost $175 million—in a 2020 post on October 28, 2020—that’s when Michael Saylor tweeted.
Saylor Highlights Bitcoin’s Superiority
Saylor argued in the interview that Bitcoin has the ability to create immense wealth for people, companies, and countries since it is superior to both financial and physical capital. Additionally, he addressed the recent market meltdown that affected BTC, saying that such volatility is a part of Bitcoin’s character.
“In the short term, everyone in the world, at all times, thanks to Bitcoin’s volatility, has access to credit and liquidity worth tens of billions of dollars,” Saylor stated. He said that “superior asset performance and durability” are driven by long-term volatility. His company, MicroStrategy, has also invested a lot of money into Bitcoin.
The current market value of MicroStrategy’s 226,500 Bitcoins is close to $13 billion. Thanks to this strategic action, the company’s stock price has increased, and it is now the biggest public holder of Bitcoin.
Saylor predicted in his speech at the most recent Bitcoin conference that Bitcoin’s market cap may reach $280 trillion by the year 2045. He said Bitcoin might get 7% of global wealth in a base scenario, putting its worth at $13 million per coin, up from its present 0.1%.
Under the most hopeful circumstances, he predicts that Bitcoin might seize 22% of the world’s wealth, with a price tag of $49 million for each coin. Saylor thinks Bitcoin is a better store of value than more conventional investments, which is why he is so optimistic about the cryptocurrency. Unlike fiat currencies and other assets, the value of Bitcoin remains unaffected by geopolitical or economic crises, as he pointed out.
Bitcoin Reserve is “Louisiana Purchase Moment”
The notion of the US purchasing a “strategic reserve” of Bitcoin was recently compared by Saylor to the “Louisiana Purchase moment.” Saylor enthusiastically supported Wyoming Senator Cynthia Lummis’ proposed BITCOIN Act during an August 6 appearance on CNBC.
A progressive accumulation of 1 million BTC—nearly 5% of the total Bitcoin supply—would be mandated by this legislation to the US Treasury. On a 19% average, conventional financial methods are in use. Like oxygen and water, capital should always be available. According to Michael Saylor, anyone can get their hands on Bitcoin at any given moment.
Saylor made a historical comparison by mentioning the fifteen million dollars that Thomas Jefferson spent in 1803 to acquire the Louisiana Territory, which effectively doubled the size of the US.
However, He said Bitcoin is a “scarce, desirable digital property,” and exchanging a small amount of paper money for an asset that billions of people would covet in a century is fantastic.
“Bitcoin is a digital property that is scarce and coveted. What a brilliant plan to exchange a small amount of paper money for a destination billions of people will desire in a century!