tech titan and outspoken bitcoin advocate Michael Saylor remains unfazed by market fluctuations, reaffirming his unwavering commitment to the world's leading cryptocurrency. In a recent Bloomberg TV interview, Saylor declared his intention to “buy forever,” solidifying his bullish stance and potentially influencing the ever-volatile cryptocurrency market.
At the time of writing, bitcoin was trading at $51,433, a paltry 0.4% drop in the last 24 hours and a 1.6% rise in the last seven days, Coingecko data shows.
A decade-long bitcoin odyssey
Saylor's journey with bitcoin began in 2020, when he led the initial investment of MicroStrategy, marking a turning point for institutional adoption. Since then, he has tirelessly defended the digital asset, advocating for its inclusion as a treasury reserve for corporations.
MicroStrategy's current bitcoin holdings, which exceed 190,000 btc, translate into a staggering valuation of $10 billion, underscoring its unwavering confidence in its potential. This unwavering confidence also yielded impressive results: MicroStrategy's unrealized gains on its bitcoin holdings reached $3.2 billion last week.
JUST IN: Journalist asks Michael Saylor when he plans to sell bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin
Michael Saylor: I'll be shopping forever. pic.twitter.com/DJhWwB1dl1
— Watcher.Guru (@WatcherGuru) February 20, 2024
Michael Saylor: bitcoin as a superior asset class
Saylor's conviction goes beyond mere financial gain. He considers bitcoin to be an inherently “superior” asset, dwarfing even established giants like gold and the S&P 500. In his own words, “there is no reason to sell the superior to buy the losers.”
This strong belief fueled MicroStrategy's recent transformation into a “bitcoin Development Company,” showcasing its dedication to fostering the digital currency ecosystem.
bitcoin (btc) is currently trading at $51.433. Chart: TradingView.com
Institutional Entry Point: The Power of Spot bitcoin ETFs
While acknowledging bitcoin's trillion-dollar valuation, Saylor recognizes the need for greater accessibility. He highlights the importance of spot bitcoin ETFs, which would allow investors to gain exposure to the asset without buying or holding it directly. He believes this could act as a gateway for institutional investors, further driving widespread bitcoin adoption.
MicroStrategy CEO Michael Saylor Says Approval of Spot bitcoin ETFs “A Rising Tide That Will Lift All Boats” https://t.co/0X0Pcz9N8S pic.twitter.com/jA1KxQEDAW
-BloombergTV (@BloombergTV) February 20, 2024
2024: The year of bitcoin's institutional coronation?
Saylor doesn't mince words when it comes to the future. He boldly proclaims 2024 as the “birth year” of bitcoin as a full-fledged institutional asset class. This prediction depends on his belief that bitcoin surpasses even gold in its currency and potential, leaving the precious metal “obsolete” in the dust.
Saylor's pronouncements are undeniably biased, reflecting his deeply held belief in bitcoin. He urges investors to perform their own due diligence and recognize the inherent volatility associated with cryptocurrencies. Additionally, the regulatory landscape surrounding bitcoin remains fluid, introducing additional layers of risk.
MicroStrategy's bitcoin-focused pivot is a bold move, and its success depends on navigating the dynamic and often unpredictable realm of cryptocurrencies. Whether 2024 truly marks bitcoin's institutional coronation remains to be seen, but one thing is certain: Michael Saylor, bitcoin's modern Midas, will be watching with unwavering conviction.
Featured image from Pixabay, TradingView chart
