Michael Saylor, the executive chairman and co-founder of MicroStrategy, has revealed that he personally owns more than $1 billion in Bitcoin.
In an interview with Bloomberg, Saylor described Bitcoin as “cyber Manhattan,” emphasizing that investing in prime assets is always a good decision.
He did not reveal the exact amount of his BTC stash.
However, in a 2020 post on X, he revealed that he holds 17,732 BTC, which he initially purchased for approximately $175 million.
Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself.
— Michael Saylor (@saylor) October 28, 2020
Saylor Highlights Bitcoin’s Superiority
During the interview, Saylor highlighted Bitcoin’s superiority over physical and financial capital, praising its potential to generate substantial wealth for individuals, corporations, and nations alike.
He also commented on the recent market crash that impacted BTC, stating that such volatility is inherent to Bitcoin’s nature.
“The volatility [of Bitcoin] creates tens of billions of dollars of credit and liquidity at all times everywhere, to everyone in the world, in the short term,” Saylor said.
Moreover, he noted that the long-term volatility drives, “superior asset performance and durability.”
MicroStrategy, the company he leads, has also made substantial investments in Bitcoin.
As of now, MicroStrategy holds around 226,500 Bitcoins, worth approximately $13 billion.
This strategic move has not only boosted the company’s stock price but has also positioned it as the largest public holder of Bitcoin.
During his address at the recent Bitcoin conference, Saylor forecasted that Bitcoin’s market capitalization could soar to $280 trillion by 2045.
He argued that Bitcoin, currently accounting for just 0.1% of global wealth, has the potential to reach 7% in a base scenario, translating to a price of $13 million per Bitcoin.
In more optimistic scenarios, he envisions Bitcoin capturing up to 22% of global wealth, with each Bitcoin potentially worth $49 million.
Saylor’s bullish stance on Bitcoin is grounded in his belief that the cryptocurrency offers a more reliable store of value compared to traditional assets.
He highlighted that Bitcoin’s value isn’t diluted by geopolitical or economic crises, unlike fiat currencies and physical assets.
Bitcoin Reserve is “Louisiana Purchase Moment”
Just recently, Saylor likened the idea of the United States buying a “strategic reserve” of Bitcoin to the “Louisiana Purchase moment.”
Speaking on CNBC on August 6, Saylor expressed his enthusiastic support for Wyoming Senator Cynthia Lummis’ proposed BITCOIN Act.
This legislation would mandate the US Treasury to gradually accumulate 1 million BTC, which is nearly 5% of the total Bitcoin supply.
Traditional finance operates 19% of the time. Capital, like air & water, should be available 100% of the time. #Bitcoin is available to everyone, everywhere, all the time. pic.twitter.com/W3RO7CRq8V
— Michael Saylor (@saylor) August 6, 2024
Saylor drew a historical parallel by referencing Thomas Jefferson’s purchase of the Louisiana Territory for $15 million in 1803, which nearly doubled the size of the United States.
He described Bitcoin as a “scarce, desirable digital property” and argued that trading a small amount of currency or paper for a digital asset that billions of people will want to own in 100 years is a great idea.
“Bitcoin is scarce, desirable digital property. It’s a great idea to trade a little bit of currency or paper for someplace that billions of people are gonna want to be in 100 years.”
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