Key Points
Tech entrepreneur Michael Saylor, a well-known Bitcoin advocate, continues to support Bitcoin irrespective of market changes.
During a recent Bloomberg TV interview, Saylor confirmed his intention to continue purchasing Bitcoin, solidifying his optimistic perspective and possibly impacting the ever-changing cryptocurrency market.
At the time of the report, Bitcoin traded at $51,433, a slight 0.4% decrease in the last 24 hours, but a 1.6% increase over the past week, according to Coingecko data.
Saylor’s Bitcoin Journey
Saylor’s involvement with Bitcoin started in 2020 when he led MicroStrategy’s initial investment.
This marked a significant shift towards institutional adoption.
Since that time, Saylor has continuously promoted the digital currency, advocating for its use as a corporate treasury reserve.
MicroStrategy’s current Bitcoin holdings exceed 190,000 BTC, equating to a staggering $10 billion valuation, underscoring their unwavering faith in its potential.
This steadfast trust has also yielded significant results, with MicroStrategy’s unrealized profits on their Bitcoin holdings reaching $3.2 billion last week.
Saylor’s belief in Bitcoin goes beyond mere financial gain.
He considers Bitcoin to be an inherently “superior” asset, surpassing even established entities like gold and the S&P 500.
In Saylor’s words, “there is no reason to sell the superior to buy the losers.”
This strong belief has driven MicroStrategy’s recent transformation into a “Bitcoin Development Company,” demonstrating their commitment to nurturing the digital currency’s ecosystem.
Saylor acknowledges Bitcoin’s trillion-dollar valuation but also recognizes the need for broader accessibility.
He highlights the importance of spot Bitcoin ETFs, which would enable investors to gain exposure to the asset without directly purchasing and holding it.
Saylor believes this could serve as an entry point for institutional investors, further driving Bitcoin’s mainstream adoption.
Saylor is clear about the future.
He boldly declares 2024 as the “year of birth” for Bitcoin as an established institutional asset class.
This prediction is based on his belief that Bitcoin surpasses even gold in its modernity and potential, leaving the “outdated” precious metal behind.
Saylor’s statements are undoubtedly biased, reflecting his deep belief in Bitcoin.
Investors are encouraged to conduct their own research and acknowledge the inherent volatility associated with cryptocurrencies.
Moreover, the regulatory environment surrounding Bitcoin is continually changing, adding additional layers of risk.
MicroStrategy’s pivot towards Bitcoin is a daring move, and its success depends on navigating the dynamic and often unpredictable world of cryptocurrency.
Whether 2024 will truly mark Bitcoin’s institutional coronation is yet to be seen, but one thing is certain: Michael Saylor, the modern-day Midas of Bitcoin, will be watching with unwavering conviction.
