By
Godfrey Benjamin
April 20th, 2024
Michael Saylor’s advocacy for BTC has received much recognition today and his commitment to Bitcoin entails a long-term HODLing strategy.
Michael Saylor, the Chief Executive Officer (CEO) of business intelligence and software firm MicroStrategy Incorporated (NASDAQ: MSTR) has shared a number of bullish comments about Bitcoin (BTC), the world’s first and largest cryptocurrency by market capitalization. Speaking in an interview with TIME, Saylor reiterated his latest commitment to corporations, and that involves helping them to fix their balance sheets from the ravaging impacts of inflationary monetary policies.
The most realistic way of achieving this according to the CEO is through Bitcoin investment, an asset his company has adopted as its Treasury Reserve Asset, and has since August 2020 to date purchased about 90,531 worth of the coins according to TIME. With a geared-up embrace of the cryptocurrency by other prominent institutional investors, Saylor is positive that more firms will trail a similar path in the near future.
The adoption of BTC by businesses such as MicroStrategy came at a very slow pace, as many cautiously followed the asset amidst its regulatory turmoil with authorities around the world. However, when asked whether he thinks more corporate investors are bound to make their entry into the Bitcoin ecosystem, Saylor said:
“If you go back to March 2020, it was only the rare institution involved. In the 12 months that followed, there’s been an avalanche of institutional involvement. MicroStrategy is the first publicly traded company that made a material investment, but Square followed. And Tesla followed.” While the world is yet to catch its breath from the purchases made by these firms, Saylor noted that they are just “the tip of the iceberg.”
Saylor is playing an active role in making sure this comes to be, turning himself into one of the most vocal BTC evangelists on Twitter today. He recounted his firm’s experience hosting the “Bitcoin for Corporations” Summit back in February. According to him, the interest and attendance went from the anticipated 1,000 per day to more than 10,000, a crowd he noted “broke our video server.”
MicroStrategy CEO on Tesla’s Bitcoin Impact
While the strides of the firms that have backed Bitcoin in a way was instrumental in positioning BTC as a notable asset class today, the MicroStrategy CEO noted Tesla’s $1.5 billion bet on BTC serves as an inflection point and changed the narrative from “Those crazy people, what are they thinking, speculating in Bitcoin?” to “Maybe this is a real thing. This is probably not going away. Let’s try to figure out how to think about it.”
At a point in the course of the interview, Saylor re-emphasized Bitcoin is neither a speculative asset nor a bubble, adding that “It’s a textbook example of a rational action in response to monetary inflation.”
Michael Saylor’s advocacy for BTC has received much recognition today and his commitment to Bitcoin entails a long-term HODLing strategy. He however said his legacy will be that his firm is “the first public company to actually adopt Bitcoin as a treasury reserve asset, to legitimize the asset class as an institutional-grade safe-haven asset.”