Michael Saylor, the co-founder and executive chairman of business intelligence firm MicroStrategy, has revealed that he and the company he spearheaded until recently would be buying Bitcoin (BTC) forever, doubling down on his stance as an advocate of the leading digital asset.
During an interview with Bloomberg on Tuesday, the MicroStrategy former CEO said he would not sell his or his firm’s BTC holdings despite the stash recording an unrealized profit of roughly $4 billion.
Saylor said BTC is the exit strategy and the strongest asset. The cryptocurrency has emerged as a trillion-dollar asset alongside names like Apple, Google, and Microsoft. However, BTC is not a company, so it is competing with asset classes like gold and the S&P stock market index.
“There’s not enough room in the capital structure of those top ten companies to hold $10 trillion or $100 trillion worth of capital. So, bitcoin is competing against gold, which is 10x what it is right now. It is competing against the S&P index, and it is competing against real estate, a $100 trillion-plus asset class as a store of value,” Saylor stated.
The MicroStrategy founder believes capital will keep flowing from gold and other asset classes into BTC because the digital currency is “technically superior” to them.
“That being the case, there’s just no reason to sell the winner to buy the losers,” Saylor added.
Saylor’s comments come two months after he called the recently launched spot Bitcoin exchange-traded funds (ETFs) the most significant development on Wall Street in the last three decades, comparing them to the historical creation of the S&P 500 fund.
As one of Bitcoin’s strongest proponents, Saylor began accumulating BTC in 2020, making MicroStrategy the first publicly traded company to hoard the asset. After the firm’s last purchase of 850 BTC in January, its stash has grown to 190,000 BTC, bought at an average of $31,224 each and worth more than $10 billion at current prices.
Meanwhile, Saylor predicted in December that there would be a surge in BTC demand in 2024, and his forecast is playing out. Currently, BTC demand from the spot Bitcoin ETFs is almost 10x the supply available from miners. This has also contributed to the latest surge in the asset’s price.