‘All corporations should convert USD on balance sheets to bitcoin’
In a recent interview, MicroStrategy CEO Michael Saylor said that bitcoin is an institutional-grade “safe-haven” asset and that the premium crypto was a solution to the “store of value problem” that “everyone” faced. He stated:
First of all, Bitcoin itself is an institutional-grade safe-haven asset and it’s engineered to be superior to gold in all respects. That makes it the ideal store of value solution for every individual, institution, corporation on earth.
Saylor, who personally holds 17,732 Bitcoin claimed that the popular crypto was the first digital “monetary network” and stated:
It’s [Bitcoin is] like Facebook or Google for money.
Additionally, the CEO proposed that all corporations “should convert USD” on their balance sheets to bitcoin. If corporations fail to do so, Saylor predicted that such entities would lose 15% of their purchasing power “against scarce assets, every year for the next five years.” However, Saylor believed that investors could maximize shareholder volume, by following his strategy to convert dollars to BTC.
That makes it [Bitcoin] a 100 times bigger than Big Tech. Everybody needs to plug into it. Every individual, every corporation, every government’s got a problem, which is how do they deal with a collapsing currency, and what’s their store of value? Bitcoin is the solution.
During the interview, Saylor argued that bitcoin was neither a rally nor a bubble and instead considered the digital asset as a chain reaction. He believed that bitcoin was performing well because of macroeconomic factors such as fears of currency devaluation, political uncertainty, among others.
Recently, Saylor made headlines after he told billionaire Elon Musk to convert Tesla’s balance sheet into bitcoin, and that other firms on the S&P 500 would follow his lead if Musk adopts the digital asset.
Elon Musk may not have invested in bitcoin yet but Saylor convinced the host of the interview who said:
Loved the way you laid it out. I’m going to open my Coinbase account right after this show.
On 21 December MicroStrategy purchased an additional ~29,646 Bitcoins for about $650 million. To date, Saylor’s business intelligence firm has an aggregate of 70,470 Bitcoins.