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MicroStrategy Founder Shares New Hot Takes on Firm's Bitcoin Position

Wed, 05/03/2023 - 10:32
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Godfrey Benjamin
MicroStrategy's Michael Saylor said firm is maintaining its long-term position on its BTC holdings
MicroStrategy Founder Shares New Hot Takes on Firm's Bitcoin Position
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Michael Saylor, the founder of American business intelligence and analytics firm MicroStrategy Inc, has gone public to share the company's plans with respect to its Bitcoin position. Speaking in an interview with CNBC's Morgan Brennan, Saylor noted that his software business, which recorded significant growth in the past quarter, was a cash cow to finance its debts and to acquire more Bitcoin.

Commenting on the losses the company suffered on its more than 146,000 BTC units, Saylor noted that holding onto the asset and stomaching the volatility is the major way to benefit from the popularity of Bitcoin. The MicroStrategy founder added that it is a long term HODLer of Bitcoin and that all of its stakeholders are aligned with this interest in Bitcoin.

Saylor is known as one of the most vocal advocates of Bitcoin, who led his firm to start accumulating the digital currency back in August 2020. Today, the firm is the largest publicly traded noncrypto-native company on Wall Street with the highest BTC holdings, following its latest purchase.

Since the firm started acquiring BTC, it has only sold its bag once, reiterating how much of a believer it is in the future of the cryptocurrency.

MicroStrategy to Launch Software Apps Powered by BTC Lightning Network in 2023: Michael Saylor

Michael Saylor on Bitcoin adoption

According to Michael Saylor, the broad adoption of the nascent cryptocurrency is now stemming from the global loss of confidence in fiat currencies across countries. Additionally, Saylor believes the luster surrounding conventional banking and other competing assets like stocks has waned over time.

Commenting on the reasons why Bitcoin has recently picked up pace, Saylor reiterated the growing fear of inflation as a major trigger that has helped its growth. Notably, he said Bitcoin is not a cash derivative prone to devaluation but rather has its own embedded digital scarcity.

From Saylor's statements, it is obvious that the high volatility on Bitcoin is not enough to deter him, nor the firm from changing course to back BTC now and in the near future.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.