According to statements by Michael Saylor, the CEO of MicroStrategy, Bitcoin is the scarcest asset that exists. Saylor congratulated Elon Musk on the USD 1.5 billion investment in Bitcoin that Tesla made.
MicroStrategy CEO Michael Saylor recently stated that “the world’s scarcest asset is Bitcoin”, which is why he considers it “digital gold”. In fact, the executive has proven to be one of the biggest supporters of converting business cash into Bitcoin.
Last year, he mentioned that the US Federal Reserve (FED) had relaxed the inflation policy. He said that that decision contributed to convincing him to invest in the enterprise software maker’s reserves.
Expectations about Michael Saylor and Elon Musk
Elon Musk has clearly been flirting with the pioneering cryptocurrency for years. In that regard, in December, he posted on his Twitter account an image suggesting that the token tempted him.
In an exchange of tweets with Michael Saylor, he asked about the conversion of “large transactions” on Tesla’s balance sheet into Bitcoin. Saylor took the opportunity to encourage him to invest part of the electric car company’s US dollar balance in the cryptocurrency.
Elon Musk certainly caused a stir when Tesla announced that they had bought USD 1.5 billion worth of Bitcoin (BTC).
It is curious that Guy Hirsch said that “Musk and Tesla move the markets in a way that few can.” The managing director for the United States at eToro commented that looking back, “we realize that Bitcoin has gone mainstream.”
Michael Saylor Congratulates Elon Musk
The CEO of MicroStrategy has particularly congratulated Tesla CEO Elon Musk on investing USD 1.5 billion in Bitcoin. Michael Saylor wrote on his Twitter account congratulating and thanking Musk “for adding Bitcoin to [his] balance.” Furthermore, he said that “the whole world will benefit from this leadership.”
In early February, Saylor announced that MicroStrategy has about 71,079 BTC. The executive even said that they issued USD 650 million in convertible bonds to help finance the purchases.
Sharing Their Experience with Other Companies
In recent days, Michael Saylor spoke to other companies about moving some of their excess cash to Bitcoin. He said that he expected a “flood of companies” to do so in order to convert their balance sheets into Bitcoin. He explained that they would use it primarily as a “scarce digital store-of-value asset” whose value would remain stable or increase.
The company that Saylor runs is the one that has invested the most in Bitcoin as a store of value so far. For that reason, around 8,000 companies have shown their interest in learning the strategies that MicroStrategy has been using.
However, no one yet knows how many of these companies will actually follow MicroStrategy’s example.
In this regard, it is important to consider the effect that the investment in Bitcoin had on the company.
Michael Saylor concluded that “people will start to think that what they want is a non-sovereign and secure store of value. They will realize that Bitcoin performs better than gold and that all institutional flows move from gold to Bitcoin.”
By Alexander Salazar
