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.
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.
#Bitcoin adoption is being driven by the progressive global loss of confidence in fiat currencies, conventional banking, and competing assets. I enjoyed discussing $MSTR and the outlook for $BTC with @MorganLBrennan today on @CNBCOvertime.pic.twitter.com/X0jn4pyhCt— Michael Saylor⚡️ (@saylor) May 2, 2023
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.