MicroStrategy founder and former CEO Michael Saylor, who is now responsible for the company’s Bitcoin strategy, spoke with the host of CNBC’s Squawk Box about Bitcoin, its strengths and future prospects in the financial world.
MicroStrategy founder and former CEO Michael Saylor, who is now responsible for the company’s Bitcoin strategy, spoke with the host of CNBC’s Squawk Box about Bitcoin, its strengths and future prospects in the financial world.
He also explained why MicroStrategy is likely to continue attracting funds from Bitcoin lovers and compete with spot Bitcoin ETFs like BlackRock.
Saylor expects Bitcoin’s popularity to expand
Michael Saylor shared his vision for institutional Bitcoin adoption in the future with host Andrew Sorkin.
Saylor stated that compared to gold, BTC is much more progressive and can be transacted in a few minutes on the other side of the world. Furthermore, “Bitcoin is going to eat gold,” he believes, since BTC has all of its best attributes and none of its flaws. According to Saylor, Bitcoin is going to divert funds from gold and other risk assets and ETFs, such as SPY.
MicroStrategy surpasses BlackRock in Bitcoin holdings
When the business intelligence giant raised another 12,000 BTC worth about $821.7 million, it left behind BlackRock’s largest spot Bitcoin ETF, which now holds a total of 205,000 BTC versus 195,985.31 for BlackRock.
Even though spot Bitcoin exchange-traded funds are accumulating more and more BTC, offering investors the opportunity to gain exposure to this new asset class, Saylor believes MicroStrategy can still successfully compete with them, without letting to be a representative of Bitcoin.
The reason for this is that MicroStrategy bought a large portion of its Bitcoin using convertible debt while selling shares to its investors and raising money to buy Bitcoin. Therefore, these investors get the return on their investment in stocks, while those who invest in Bitcoin through ETFs have to pay a monthly fee.
Bitcoin reaches new all-time high near $72,000
Earlier today, Bitcoin broke the all-time high of $71,000 and then surpassed the $72,000 level before pulling back a bit. Thus, today, BTC has so far shown a growth of almost 6%.
Bitcoin maximalist Max Keizer took to X/Twitter to remind the cryptocurrency community of his previous prediction that Bitcoin would eventually reach $220,000. Today, he added that he raised his top target for this bull cycle to $750,000.
