Barstool Sports founder Dave Portnoy asked MicroStrategy Inc (NASDAQ:MSTR) Chairman Michael Saylor in a recent interview to explain Bitcoin (CRYPTO: BTC) to him in a way that he can understand. This was after Portnoy recently said he sold his Bitcoin after the Winklevoss twins confused him back in 2020.
What Happened: When it comes to Bitcoin history and education, Saylor is one of the most popular names and one of the largest holders thanks to the balance sheet strategy of MicroStrategy, the software company he co-founded.
"I want to know what I got wrong about Bitcoin," Portnoy asked Saylor during a recent interview.
Saylor shared several sports metaphors to help explain Bitcoin and its future to Portnoy.
"There's some games you can't play, but can watch," Saylor said.
Saylor said there are some games you can't play, like if a team you watch in person wins a bunch, the season tickets might get more expensive. Some games you can play, but they might be rigged like casino games being in favor of the house, Saylor added.
"Satoshi created a game that is rigged in favor of the individual. Satoshi gave us a game we can all win. Bitcoin is that game," Saylor said of the pseudonymous creator of Bitcoin.
Saylor said with Bitcoin you could be winning the game over time. He then dropped an analogy of playing alongside two of the greatest NBA players of all time.
"Wouldn't it be great if you had a basketball team, you had LeBron James, you had Michael Jordan, you had the digital version of them and they play forever. You can get on the court and play with them."
Saylor said that James and Jordan might score 100 points and you might score only two, but you're "getting rich together."
"Everyone gets to play. You don't just win the game, you get wealthy while you win the game."
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Why It's Important: Portnoy recently said he bought $2 million worth of Bitcoin at $11,000 per coin, before selling the crypto after holding a discussion with Cameron and Tyler Winklevoss.
"I've been chasing it ever since. Dave is sad," Portnoy tweeted recently.
Asking Saylor the question and listening to the sports analogies could help Portnoy and others understand the game of cryptocurrency.
Saylor has a long-standing strategy of continuing to buy Bitcoin no matter the price. On Monday, it was revealed MicroStrategy purchased 21,550 Bitcoin for $2.1 billion in the first week of December.
MicroStrategy now owns 423,650 Bitcoin worth an estimated $42 billion.
"We have a simple strategy and our strategy is we just acquire Bitcoin, and we hold the Bitcoin," Saylor told Benzinga in a previous interview.
Saylor said investors focus on scarce and desirable investments.
"And of course we happen to think that Bitcoin is the highest-quality scarce desirable property."
Saylor told Benzinga that Bitcoin is the "highest-quality, best asset in the world" at the time.
"Everything else in the world is inferior to Bitcoin. So, if you give me $1 million and said what do you want to buy, I don't want to buy a sports tea, I don't want to buy a building, I don't want to buy a company … all I want to buy is Bitcoin."
Watch Benzinga's past interview with Saylor below.
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Photo: Shutterstock
