MicroStrategy’s co-founder and executive chairman, Michael Saylor, remains a steadfast advocate for Bitcoin, even amid recent fluctuations in the cryptocurrency market. Saylor, known for his bullish stance on Bitcoin, has projected that the leading digital asset could soar to an astounding $13 million per coin over the next two decades.
MicroStrategy, a business intelligence firm that sells data-analytics software, has made headlines since 2020 for its aggressive Bitcoin acquisition strategy. The company now holds more than 1% of the total Bitcoin supply, positioning itself as the largest publicly traded corporate holder of Bitcoin.
As of now, MicroStrategy controls 226,500 BTC, worth approximately $12.8 billion at current prices above $56,500. This strategy has not only elevated the company’s financial standing but has also made its stock a proxy for Bitcoin exposure.
Saylor’s conviction in Bitcoin as a long-term store of value stems from his belief that traditional fiat currencies and cash reserves are depreciating assets. According to Saylor, Bitcoin is the ultimate hedge against inflation and global economic instability, and he predicts it will capture a significantly larger share of global capital over the coming decades.
“Bitcoin is 0.1% of the capital in the world right now—I think it’s going to go to 7% of the capital,” Saylor told CNBC in a recent interview.
I enjoyed the opportunity to discuss #Bitcoin and strong, fast, smart money with @JoeSquawk, @BeckyQuick, and @AndrewRSorkin this morning,pic.twitter.com/BUXa2IZ8II
— Michael Saylor⚡️ (@saylor) September 9, 2024
Bitcoin Acquisition: A Strategic Move
MicroStrategy’s Bitcoin journey began in August 2020, when the company announced it would start converting its cash reserves into Bitcoin, viewing it as a superior alternative to cash for long-term value retention. At that time, Bitcoin was valued under $12,000 per coin. Saylor, frustrated with the diminishing returns of holding cash due to inflation and economic pressures, believed Bitcoin could provide a better return for shareholders. This bold move, initially seen as risky, has since paid off handsomely for the company.
MicroStrategy’s stock has skyrocketed since the Bitcoin acquisition strategy was initiated, making it a popular choice for investors looking for indirect exposure to cryptocurrency. While the launch of Bitcoin exchange-traded funds (ETFs) in early 2024 has provided new avenues for investors, MicroStrategy’s stock continues to attract those seeking long-term Bitcoin exposure.
Political Views on Crypto and the 2024 Elections
Beyond his financial predictions, Saylor also weighs in on the growing political debate surrounding cryptocurrency regulation. According to Saylor, the Republican party has become more progressive in its approach to crypto and Bitcoin policy, contrasting with a more cautious stance from Democratic leaders.
As the 2024 U.S. presidential election approaches, crypto regulation has become a significant topic of discussion. Republican frontrunner Donald Trump has notably shifted to a pro-Bitcoin stance, despite having criticized the digital currency in the past. Democratic candidate Kamala Harris, meanwhile, has not made cryptocurrency a central issue in her campaign, leaving the party’s position somewhat unclear.
“The political winds have shifted,” Saylor remarked. “At this point, the Republicans have moved to way progressive, and the Democrats are drifting to the middle in terms of their view toward crypto and Bitcoin.”
With such bold predictions and a clear commitment to Bitcoin, Saylor continues to be one of the most vocal and influential proponents of cryptocurrency adoption, pushing for Bitcoin’s acceptance in both the corporate and political arenas. Whether or not Bitcoin reaches the lofty heights Saylor envisions, his influence on the industry is undeniable.