Michael Saylor, the founder and former CEO of MicroStrategy, has explained why he believes that his company joined the Bitcoin (BTC) bandwagon at the right time, which he thinks will significantly pay off in the long run.
In an interview with Cambone shared on YouTube about three days ago, Saylor said the majority of those criticizing his company’s decision to acquire Bitcoin (BTC) in thousands are those who don’t understand the asset class at all. He said they hate volatility and prefer to keep their money in a bank where it yields 1% interest.
Michael Saylor noted:
“Conventional critics and conventional mainstream analysts, they don’t get the crypto economy, they don’t understand Bitcoin, and they hate volatility. And those are the people that would tell you ‘take all your money, put it in a bank account yielding 1% interest, just don’t lose it, and don’t bother us’.”
Saylor continued by saying that MicroStrategy adopted Bitcoin (BTC) investment because they knew that money held in a bank account loses 20% of its purchasing power per year. He said this is caused by the continued paper money printing by Federal Reserve.
“But when we embraced the Bitcoin strategy, we knew that if we held our cash in a bank account, it was going to lose 20% of its purchasing power per year, and it has as predicted. The money supply expanded by 40%: single-family homes in the U.S. have increased in price by 40%. If you had 500 million dollars, it would have bought you 40% less today than it would have bought you two years ago.”
Saylor said when MicroStrategy decided to acquire Bitcoin (BTC), it was like getting into a lifeboat in a storming sea to save their shareholders. Although they got tossed around in the sea, “we’re going to float and we’re going to appreciate over time.”
Read Also: MicroStrategy CEO Michael Saylor: “I Will Be Buying Bitcoin (BTC) At the Top Forever”
MicroStrategy Has Not Sold Any Bitcoin (BTC)
Saylor disclosed that he started acquiring Bitcoin (BTC) when it was trading between $9,000 and $10,000, and none of the stashed assets has been sold.
He said his least investment timeframe is 2 years, which is why Bitcoin is the best choice for him and his company.
“If you’re a short time horizon person and you want to look at making a trade in the past three months or six months, just about everything you could have bought in the world in the past six months is a losing trade if you have a short enough time frame, but if you have a two-year time frame, Bitcoin’s winning.
“It’s winning over four years. It’s winning over six years. It’s winning over eight years. And I just like to be in business more than two years from now. So that’s why we did it,” Michael Saylor stated.
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