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Rapper sensation Drake posted a video of Michael Saylor praising bitcoin as a store of value to his 146 million Instagram followers.
The clip is taken from CNBC. interview with Saylor in which the MicroStrategy co-founder said that bitcoin will “eat the gold” because it is a superior asset.
The video shared by the Grammy Award winner shows bitcoin bull Saylor saying that bitcoin is a store of value and not a medium of exchange.
Saylor believes that bitcoin exchange-traded funds (ETFs) will not only outperform gold ETFs, but will also compete with the S&P 500 index.
ONLY IN: Rap legend Drake posts a Michael Saylor bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin video to his 146 million Instagram followers pic.twitter.com/T79xwzvDXX
– bitcoin Magazine (@BitcoinMagazine) March 12, 2024
Does Drake's Michael Saylor Video Show Celebrity Endorsements Are Back?
The clip may signal the beginning of a return of celebrity endorsement of cryptocurrencies.
Celebrities have promoted bitcoin and other crypto projects during previous bull markets, but in some cases they have faced subsequent legal consequences.
During the 2021 bull market, the now-defunct FTX exchange teamed up with celebrities like Tom Brady, Kevin O'Leary, and Larry David to promote the exchange. However, the celebrities are now facing a class-action lawsuit after the crypto exchange collapsed.
With bitcoin trading at all-time highs above $73,000, a similar trend is at play. These endorsements have previously sparked retail investor interest in cryptocurrencies, which has helped drive prices higher.
Drake himself is not new to bitcoin. During the 2022 Super Bowl, the rapper used bitcoin to place bets.
Michael Saylor dumps $MSTR
Separately, a presentation with the US Securities and Exchange Commission (SEC) shows that Saylor sold 1,050 shares of MicroStrategy (MSTR) on March 8. The sale occurred at an average price of $1,415 per share.
The MicroStrategy CEO has sold a total of 205,000 MSTR shares over the years, but has not made any purchases.
Its sale comes as MicroStrategy accumulates more bitcoin. The analysis firm recently bought 12,000 btc for 821 million dollars. You now have 205,000 btc purchased for $6.91 billion.
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