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Michael Saylor Says He Doesn't Respect Bitcoin Traders

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Fri, 10/02/2020 - 19:23
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Alex Dovbnya
MicroStrategy CEO Michael Saylor calls Bitcoin an "extraordinary pristine asset"
Michael Saylor Says He Doesn't Respect Bitcoin Traders
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During an Oct. 2 interview with Daniela Cambone-Taub of Stansberry Research,  MicroStrategy CEO Michael Saylor once again displayed his strong HODL mentality by claiming that he doesn’t respect Bitcoin traders:

“I’m not a trader. I don’t really respect traders.”

Saylor further says that he’s following the investment strategy of Berkshire Hathaway CEO Warren Buffett that requires purchasing assets and holding them for a long period of time. 

Why MicroStrategy passed on gold  

As reported by U.Today, MicroStrategy made an extraordinary move by adopting Bitcoin as its reserve asset. It has acquired a whopping $425 mln worth of BTC.

The world’s largest business intelligence firm originally looked into gold but then decided to stick with its digital version.

Saylor explains that Bitcoin is “an infinitely hard asset.” Meanwhile, gold can be produced by human beings if there is enough incentive.

He notes that no amount of investment in Bitcoin mining can actually produce more coins:

“The key point here is that if I put  a hundred billion dollars in gold mining, I will produce more gold (how much more we can debate). If i put a hundred billion dollars into Bitcoin mining, I will produce no more Bitcoin. I will just produce more security.”

Related
“Bold and Brilliant”: Ripple CEO Brad Garlinghouse Reacts to MicroStrategy’s Enormous Bitcoin Bet

A warm reception  

It is worth noting Saylor is MicroStrategy’s largest shareholder who controls 72 percent of voting power.

Speaking of how his company’s employees reacted to Saylor’s decision, he said that they were “very excited” about such a progressive move:

“Our company's full of technology lovers, and Bitcoin is digital gold. It’s the dematerialization of gold in the same way that Apple dematerialized your Camera and Facebook dematerialized your photos, and Google dematerialized your library. So, it's really cool to be on the edge of the virtual wave where you're doing something that's going to be a million times better than what came before it.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.