MicroStrategy’s executive chairman Michael Saylor recently spoke to CNBC about his company’s bullish stance on Bitcoin and its enterprise software business. He shared his insights on why Bitcoin is a unique and superior asset class, how it complements their core operations, and what he expects from the future of the crypto market.
Saylor described Bitcoin as a combination of property, commodity, and technology, without the drawbacks of each. He said that Bitcoin is more scarce, durable, portable, and fungible than any other property or commodity, and that it has more network effects, innovation, and intelligence than any other technology. He also praised Bitcoin’s security, immutability, and decentralization, calling it the ultimate asset.
He revealed that MicroStrategy holds around 130,000 bitcoins, acquired for about $3.98 billion at an average price of $30,639 per bitcoin. He said that the company is committed to investing more in Bitcoin, as they believe it will appreciate in value over time. He said: “You can never have too much Bitcoin. We’re big Bitcoin bulls.”
He also discussed how their Bitcoin investment strategy supports their enterprise software business, which focuses on business intelligence and cloud solutions. He said that their partnership with Microsoft in AI is a milestone for their product line, and that their success in their core business enables them to invest more in Bitcoin. He said that their offering is unique, as they do not charge a fee and use intelligent leverage to generate a tax-deferred Bitcoin premium for investors.
He also commented on the upcoming halving event in Bitcoin, which will reduce the supply of new bitcoins by half. He said that this will decrease the selling pressure from miners and increase the demand from investors, especially if spot Bitcoin ETFs are approved in the U.S. He said that this will be bullish for Bitcoin’s price in the next 12 months.
In his speech at the 2023 Australia Crypto Convention on Nov. 10, Saylor explained why he considers Bitcoin to be the ultimate asset class, combining the best features of property, commodity, and technology. He said that Bitcoin is more scarce, durable, portable, and fungible than any other property or commodity, and that it has more network effects, innovation, and intelligence than any other technology. He also praised Bitcoin’s security, immutability, and decentralization, calling it the ultimate asset.
Saylor also projected that Bitcoin will continue to grow in the next four to five years, as it becomes more mainstream and integrated into the products and services of the IT industry and the mega banks. He said that Bitcoin will mature into a mainstream asset by the end of 2024, and that it will transform the fields of electricity and electronics.