The creator of the American business intelligence and analytics company MicroStrategy Inc., Michael Saylor, has gone public to discuss the company’s objectives about its position on Bitcoin. Saylor stated that his software company, which had tremendous growth in the most recent quarter, was a cash cow that could be used to pay off debt and buy more Bitcoin in an interview with CNBC’s Morgan Brennan.
Saylor pointed out that the main strategy to profit from Bitcoin’s popularity is to hang onto the asset and put up with the volatility in response to the losses the firm had on its more than 146,000 BTC units. The creator of MicroStrategy stated that the company has been holding bitcoin for a long time and that all of its stakeholders share this interest.
Saylor, one of the most outspoken proponents of Bitcoin, inspired his company to begin acquiring the virtual money in August 2020. Following its most recent acquisition, the company is currently the largest publicly traded non-crypto company on Wall Street with the highest BTC holdings.
The company has only sold one bag of BTC since it began buying it, underscoring how confident it is in the cryptocurrency’s future.
Michael Saylor on Bitcoin adoption
According to Michael Saylor, the widespread use of the emerging cryptocurrency is now being driven by a general decline in faith in fiat money worldwide. Saylor also thinks that the appeal of traditional banking and other rival assets like equities has faded over time.
Saylor emphasised the rising fear of inflation as a key factor in Bitcoin’s rise while discussing the causes of its recent upswing. Notably, he claimed that Bitcoin has its own inherent digital scarcity rather than being a cash derivative subject to devaluation.
Saylor has made it clear in his pronouncements that the significant volatility of Bitcoin will not stop him or the company from changing their strategy and backing BTC now and in the foreseeable future.
