Michael Saylor Reveals What Hell Do When $425 Million Bitcoin Investment Surges 100x

Friday 23 October 2020, 8:56 AM AEST - 7 months ago

MicroStrategy CEO Michael Saylor says crypto traders who are skeptical of his commitment to Bitcoin are sorely mistaken.

In a new interview with Real Vision CEO Raoul Pal, Saylor says hes so bullish on BTCs power to serve as the ultimate treasury asset, he cant believe there are people willing to sell it to him.

Who are these people that are selling it to me? I cant believe someone is willing to sell it to me. But Im thanking my lucky stars. Im like, hit me again, hit me again, hit me again.

Since announcing his firms investment, Saylor says crypto advocates and investors have implied he has weak hands – but nothing could be further from the truth.

I see these guys on crypto Twitter. And theyre like, Ya, Saylors going to buy it and hes going to dump it. Hes going to buy it and then buy another company with it. Hes going to buy it until he gets this profit and do whatever.

Theres a lot of traders in the market. They dont understand the mindset of long. Im buying it for the dude thats going to work for the dude thats going to get hired by the guy who takes over my job in 100 years. Im not selling it. When it goes up by a factor of 100, I might be borrowing a little to go buy something that I want, but what am I going to buy with it thats better than what Im buying?

Every other treasury asset, and I count $250 trillion worth of stuff – gold, fixed income, sovereign debt, cash equivalents, every other treasury assets got a negative real yield. What am I going to buy with it? Theres no other asset to buy with it.

Saylor says Bitcoin is a far better asset for the long term hold than gold because not only is it more liquid than the precious metal, but its price is independent of how many people enter into the space.

When the price of gold goes to $50,000 an ounce and hundreds of billions of dollars get invested in gold mining, theyre going to double the production or triple the production of gold. Theyre going to drive the price down, but the variable cost of producing gold is going to be $2000 an ounce. The price is going to be $50,000 an ounce. The price of gold is going to get driven into th ...

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