KEY POINTS
- Saylor noted that unlike company stocks, Bitcoin has "no issue"
- He encouraged investors to study the digital currency for 100 hours before making a choice
- MicroStrategy holds over 214,000 Bitcoins after it purchased over 9,000 more earlier this month
MicroStrategy co-founder and chairman Michael Saylor appears to favor Bitcoin more than his own company's stocks as he recently encouraged an investor in MicroStrategy to invest in the world's largest cryptocurrency by market capitalization.
In a video posted by Bitcoiner Trey Sellers on X (formerly Twitter) Wednesday that was clipped from a recording of the Abundance360 Summit, an investor who said he's made a lot from investing in MicroStrategy asked why he should try investing in Bitcoin if he already makes profit through his MSTR stock investments. The Abundance360 Summit took place earlier this month, but recordings from the event were only published Wednesday.
"I've made 5x more buying $MSTR than buying bitcoin. Should we just buy your stock?
— Trey Sellers ∞/21M (@ts_hodl) March 27, 2024
See Saylor's answer 👀 pic.twitter.com/T68oGf4yWK
"I love what you're doing, and your stock. In fact, I've made five times more on your stock and derivatives around it and buying Bitcoins. So one of my questions would be, why should we buy Bitcoin? Why don't we just buy your stock?" Saylor was asked during the recently concluded event.
In his detailed response, the Bitcoin maximalist once again hailed the digital currency as a "commodity" that has "no issue." He pointed out that investing in a company means taking "counterparty risk," which is the probability that one party in an investment may not fulfill its obligations under contract.
He went on to say that MicroStrategy is "simply a high performance business" that does what it does best. While BTC has no defects, he did urge interested investors to study the digital currency for up to 100 hours. He was pressed further by the summit attendee regarding the original question: "Why can't we just buy your stock?"
"I'm not here to promote my company, right? I expect Bitcoin will be here a thousand years from now. MicroStrategy won't be; I won't be," he said in a concluding statement that seemed to subtly urge the audience to try investing in Bitcoin since it will be around for a long time.
The cryptocurrency community on X took to the comments section to express their thoughts on Saylor's statement. They said was "humility" from a business magnate who leads the world's known largest corporate holder of Bitcoin. "What a boss," one user said, while another called him an "absolute legend."
Really incredible the humility in the response
— Connor Stefan (@RealCostef) March 27, 2024
“Bitcoin will be here in 1000 years. My company won’t be”
Didn’t even get to halving 🤣. What a boss. I love that he’s on a #Bitcoin maxi side even if he owns $MSTR.
— Sad 0shi (@NomadDotBTC) March 27, 2024
What an absolute legend. I’ve done extremely well with my MSTR investment, but #Bitcoin is still the apex product.
— Peter "#LUKSO" 🆙 (@PeterWalkerSA) March 27, 2024
Amazing response. This is how you know he’s legit.
— X (@fau1in) March 27, 2024
Saylor's latest bullish remarks about Bitcoin come as the world's first decentralized cryptocurrency bounced back this week to between $69,000 and $70,000 following last week's $62,000 dip.
Saylor is known as one of a few tech moguls who invested early on in Bitcoin. Several years after he trusted in the Bitcoin's potential, MicroStrategy holds over 214,000 BTC after acquiring over 9,000 more Bitcoins, making it the world's known largest corporate holder of Bitcoin. The business intelligence firm also announced in January that it was transitioning into a "Bitcoin development company."
