The CEO of Microstrategy, Michael Saylor says that his business intelligence firm plans to hold Bitcoin for the next 100 years. He also adds that he has no intention of selling it.
Saylor believes that the king cryptocurrency is the world’s best collateral and that it does not even compare to gold or other commodities.
“Bitcoin, if it’s not a hundred times better than gold, it is a million times better than gold, and there is nothing close to it.”
The bold assertions made by the seasoned business executive have been backed by even bolder actions. On August 11, the firm purchased 21,454 BTC worth $250 million. The investment is now worth well over $278 million.
In an interview with Real Vision CEO Raoul Paul, Saylor says that the decision to invest $250 million was influenced by the board of directors, executives, investors, and the firm’s auditor.
It continues to increase its holdings. More reports reveal that it now holds $425 million worth of Bitcoin, an eye-watering amount for any private entity.
According to Saylor, Bitcoin is evolving. Over the years, it has become more resilient. He describes BTC as a hive of “cybernetic hornets protected by a wall of encrypted energy”.
Other top tech executives share similar sentiments to Saylor on Bitcoin. Twitter CEO, Dorsey is reported to have bought $50 million worth of Bitcoin, joining a growing list of CEOs leading their companies to acquire cryptocurrency.
In a short space of time, the number of companies holding Bitcoin (and their reserves) have grown significantly, exceeding previous expectations for Bitcoin adoption among private entities. On October 10, 13 companies listed with a combined total of 598,237 BTC ($7.6B) or 2.85% of the total supply. Now, there are 23 firms on the Bitcoin treasury list with much higher reserves (785,999 BTC) worth approximately 3.74% of Bitcoin’s 21 million capped supply.
Photo by Roger Brown from Pexels