As Bitcoin (BTC) rockets past $72,000, MicroStrategy’s Michael Saylor remains bullish. He emphasizes that Bitcoin should be treated less like a currency and more like a “billion-dollar asset in cyberspace.”
By making this comparison, Saylor means that investors should intend to hold the asset for a very long period of time. He encourages people to think of the world’s largest cryptocurrency as a digital real estate rather than trying to use it for everyday purchases, like buying a cup of coffee with a fraction of a building on Fifth Avenue.
Saylor made this statement on March 11 during an interview with CNBC. In it, he also criticized people who still see Bitcoin as a currency. According to him, the main application of digital currency is its ability to store capital for hundreds of years.
BTC is worth more than gold
The Bitcoin maximalist further argues that the market for payment instruments is only worth $1 trillion, while the market for storage of value is valued at $100 trillion. According to Michael Saylor, this gives Bitcoin much greater potential as an asset than as a means of payment.
Additionally, Saylor predicts that Bitcoin will outperform gold due to its inherent advantages. It would have all the positive properties of gold, but without any of the disadvantages. He touts Bitcoin as the most recognized and trusted investment asset in the world, which is also ethical since there is no issuing agency or controlling company.
MicroStrategy continues to invest heavily in Bitcoin
Michael Saylor’s bullish attitude towards Bitcoin is also evident in the monster investments his company MicroStrategy continues to make. With an investment of $800 million, the American software provider recently significantly increased its holdings of the digital currency.
The amount amounted to the purchase of 12,000 BTC. This move brings the company’s total holdings to an impressive 205,000 BTC.
The investment was made at an average price of $68,477 per Bitcoin, bringing MicroStrategy’s total investment in the coin to $6.91 billion, with an average purchase price of approximately $31,500 per coin.
Since MicroStrategy first purchased Bitcoins in 2020, no other publicly traded company has had more Bitcoins on its balance sheet than MicroStrategy.