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.

Read Also: Michael Saylor Slammed By Vitalik Buterin and John Deaton For Saying Altcoins are Securities and Unethical

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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As expected, his decision to step down as the CEO of the company raised lots of concerns within the crypto ecosystem as some think his decision has to do with the loss suffered from the company’s whopping investment in Bitcoin (BTC).

Read Also: Michael Saylor Slammed by Vitalik Buterin and John Deaton For Saying Altcoins are Securities and Unethical

To justify his decision, he made himself available for interviews on major media outlets over the week. He had another opportunity to explain the reason for his decision in a recent interview with Yahoo Finance.

In the course of the interview, Saylor said the primary responsibility of a Chief Executive Officer (CEO) is to run a software business. He said it became a necessity to make Phong Le the CEO as the company now boasts of relatively 2,200 employees and thousands of clients.

He said, “We’ve been working on a succession plan with him for about four years, making him first the Chief Operating Officer and then President about two years ago.”

MicroStrategy’s Balance Sheet Swell by Billions of Dollars after Adding Bitcoin (BTC)

Saylor explained that during Phong Le’s time as President and CFO, MicroStrategy decided to add Bitcoin (BTC) to its balance sheet, bringing billions of dollars in return. This made the company appoint a full-time CFO in May 2022.

He said after MicroStrategy “entered into a Bitcoin strategy, our balance sheet swelled by billions and billions of dollars and we decided that the best thing for the business is to bring in a full-time CFO.”

Read Also: MicroStrategy CEO Michael Saylor: “I Will Be Buying Bitcoin (BTC) At the Top Forever”

Saylor said this is the motivation behind his decision. He pointed out that his decision allowed the company to consider making Phong the President and CEO.

 “And I have been wanting to assume the role of Executive Chairman – so this is my decision many years in the making,” he added.

“This is my decision,” @MicroStrategy CEO Michael Saylor says on stepping down as CEO. It’s been “many, many years in the making. … I’ll remain the chair of the investments committee…” pic.twitter.com/cqY8OfaP8c

— Yahoo Finance (@YahooFinance) August 3, 2022

Speaking about his upcoming role as the Executive Chairman, he said:

“Many people don’t realize I’m the controlling shareholder of the company so I’m the Chair of the Board. I’ll remain the Chair of the Investments Committee that oversees our Bitcoin acquisition strategy and my primary role will be advocacy education and innovation, working on technology leadership opportunities.”

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Following the disclosure of a Youtube video, where Michael Saylor, the CEO of Microstrategy, made some comments about altcoins, founders of crypto projects and other community members have voiced their disapproval.

First, he implied almost everything other than #BTC is a security.

Second, he literally said:

“all the legitimate talent is working in the #Bitcoin ecosystem”

and

“if your honest ethical and competent you would be building on the Lightning Network.”

— John E Deaton (210K Followers Beware Imposters) (@JohnEDeaton1) July 31, 2022

In the interview session, Michael Saylor argued that all cryptocurrencies apart from Bitcoin (BTC) are securities, devoid of sound ethics. Particularly, the Bitcoin maximalist asserted that Ethereum (ETH) is unethical, citing that its genesis infringed securities laws.

Related: MicroStrategy CEO Michael Saylor Explains Why He Believes Ethereum (ETH) Is a Security

In addition, he said, “all the legitimate talent is working in the Bitcoin ecosystem, and if you are honest, ethical, and competent you would be building on the Lightning Network.”

Vitalik Buterin and John Deaton Respond

These comments by the CEO of Microstrategy have been met with several reactions from the entire crypto community. Reportedly, Microstrategy holds the largest volume of Bitcoin as a corporate firm, with over 129K BTC on its balance sheet. 

While some say Michael Saylor has the right to his opinions, Ethereum co-founder and John Deaton, the attorney representing XRP holders in the ongoing Ripple-SEC lawsuit have shown their disagreements. 

Read Also: SEC Wants to Stop Legal Support From Attorney John E. Deaton and Other XRP Holders in the Ripple-SEC Lawsuit

Why do maximalists keep picking heroes that turn out to be total clowns? https://t.co/lVhEVbfBbD

— vitalik.eth (@VitalikButerin) July 31, 2022

In response to his attack on ETH, Vitalik Buterin has indirectly called him a ‘total clown’, in a recent tweet. On the other hand, John Deaton noted that Saylor’s understanding of what makes a digital asset ‘security’ is deeply flawed, and his ethical comments absurd.

Saylor basically asserts that if you are aware of the law then you would ONLY build on #Bitcoin b/c the rest of the shitcoins are securities.

Saylor’s analysis of what constitutes a security is deeply flawed – which is quite surprising, considering how intelligent he is.

— John E Deaton (210K Followers Beware Imposters) (@JohnEDeaton1) July 31, 2022

Last month, Saylor also asserted that the Cardano token (ADA) has a security status. Consequently, Charles Hoskinson, Cardano’s founder debunked the claims, noting that Saylor’s huge BTC defense is due to his company’s huge financial commitment to Bitcoin.

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The MicroStrategy chief, Saylor, who unsurprisingly classified Bitcoin (BTC), the largest crypto by market cap, as a commodity, stated bluntly that Cardano (ADA) is a security.

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In an interview with AltconDaily a few days ago, Michael Saylor said, “To be a commodity network, there has to be no issuer, no initial coin offering (ICO), no central organization and if you study the history of Cardano, it’s pretty obvious it’s a security. It checks all the boxes, so I don’t know how you actually get around intellectually to convincing yourself that it’s anything other than a security.”

Charles Hoskinson Reacts to Michael Saylor’s Stance

In a new ask-me-anything (AMA) session, Charles Hoskinson stated that Cardano is not only more decentralized than Bitcoin (BTC), but it also has more real-world use cases than the flagship digital currency. He pointed out that the major use case of BTC is speculation.

Read Also: Charles Hoskinson: Cardano (ADA) Is Well-Built To Last for Everyone

According to Cardano creator, Bitcoin maximalists, including Saylor, remain exclusively defensive of BTC because of their whopping financial commitment to it. He said if Bitcoin fails, its maximalists will certainly go bankrupt.

Hoskinson noted:

“Nobody controls [ADA]. It’s completely decentralized, far more than Bitcoin. It has more use and utility. People buy the token not to speculate, which is the only thing they can do with Bitcoin. They buy the token to use it for stuff, medical records and whatever else they’re doing, because it has real-life utility. So that’s a security, but the [crypto] that the only thing you can do [with it] is speculate, is not…?

“It’s just one of those cases where [Saylor is] digging deep, fully digged in with Bitcoin, so it’s got to work, because if it doesn’t work the way he hopes, he goes bankrupt. So I don’t give much attention to it, and I don’t think it’s a productive conversation at all…

Read Also: Charles Hoskinson: Cardano’s TVL Would Have surpassed $19 Billion If Staked Tokens Were Counted

“Saying [that] at any given time, [in] a proof-of-stake system, somebody can just arbitrarily take all your money and shut it down, it’s not honest. It’s just libel.

“It’s not true. Protocols don’t do that. They feel they have no burden of proof or evidence of the statements they’ve made, and they say the only thing that matters is their thing, even though their thing doesn’t do anything. It just stores value.”

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In a recent interview with Altcoin Daily, Saylor highlighted the reasons why he believes that the native token of the largest smart contracts platform is a security and not a community.

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According to the MicroStrategy chief, the difficulty bomb designed to increase the difficulty of mining ETH in order to disincentivize miners will annihilate the Ethereum mining industry.

Michael Saylor noted:

“I think it’s pretty obvious it’s a security. It was issued via an ICO [initial coin launch]. There’s a management team. There was a pre-mine. There’s a hard fork. There are continual hard forks. There’s a difficulty bomb that keeps getting pushed back…”

Read Also: MicroStrategy’s Michael Saylor On Bitcoin (BTC) Price: Now Is the “Ideal Entry Point” for Investors

Saylor then concluded that the feature in the Ethereum blockchain created to delay the difficulty bomb every six months makes ETH a security.

“For it to be a commodity, there can’t be an issuer and the truth is you can’t really make decisions. One of the fundamental insights in the crypto industry is the fact that you can change it is what makes it a security. 

If you look at most of these cryptos, where they have hard fork after hard fork after hard fork, the problem with a hard fork is changing the protocol means that some development team is making a decision, and if you can change the protocol in a material way, you can change the monetary protocol. A hard fork can change the issuance pattern, or it can change the value of something. So that makes an investment contract under securities law.”

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CEO Saylor announced the new whooping acquisition via a tweet on Wednesday. According to report, the new purchase has brought MicroStartegy’s Bitcoin holding to approximately 129,699 BTC. The coins were bought at an average price of $30,664.

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Michael Saylor tweeted, “MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per Bitcoin. As of 6/28/22 MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin.”

This is the first purchase initiated by the firm since April 2022 when it acquired a total of 4,167 BTC worth relatively $190.5 million at the time, with an aggregate purchase price of approximately $3.98 billion, according to an 8-K filing with the SEC.

The recent filing also says that the average purchase price of MicroStrategy’s holdings is now $30,664 per BTC, including fees and expenses.

Read Also: MicroStrategy CEO Michael Saylor: “I Will Be Buying Bitcoin (BTC) At the Top Forever”

In a conversation with The Block in May, Saylor pointed out that the near-term volatility of Bitcoin (BTC) is irrelevant to those who understand its fundamentals.

In the course of the conversation according to The Block, Saylor said MicroStrategy is far from facing a margin call as some people in the crypto space insinuated. He also dismissed the notion that the company would sell its Bitcoin holdings.

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In a recent interview, Julia Chatterley, a CNN International anchor and correspondent, asked Saylor if Bitcoin (BTC) could go bust.

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MicroStrategy CEO replied, “We’re in here for the long term. Bitcoin is going to outlast all of us. I’m quite sure of that.”

"Are you going to stay on a sinking ship or get on a lifeboat & be tossed about on stormy seas?"@MicroStrategy CEO @saylor says #Bitcoin represents that lifeboat.

Plus, why he thinks the avg investor has been ‘taken advantage of’ in the #crypto crash$MSTR | @firstmove | $BTC pic.twitter.com/ByWhwi0mWu

— Julia Chatterley (@jchatterleyCNN) June 22, 2022

Read Also: MicroStrategy’s Michael Saylor On Bitcoin (BTC) Price: Now Is the “Ideal Entry Point” for Investors

Chatterley continued asking him if there’s a need for the crypto industry to get regulated before Bitcoin (BTC) can start a fresh meteoric price uptrend.

In response, Saylor said:

“Yeah, I think it’s clear that the people are confused, and regulation will be constructive because clarity will help the market mature. The people are confused about what’s a currency, what’s a commodity, what’s a security, what are tokens.

“There’s 19,000 cryptos out there. I think we can see in the crypto crash that the average investor’s been taken advantage of by traders and by wildcat crypto banks and as the regulators come in and they clear up this confusion and they introduce rules of the road, it’s going to be good for mainstream investors.

“It’s going to be good for corporations. It will catapult the industry from the entrepreneurial offshore anything goes stage into an institutional mature asset class.”

Read Also: MicroStrategy’s Michael Saylor On Bitcoin (BTC) Price: Now Is the “Ideal Entry Point” for Investors

The CNN correspondent also asked whether it’s too risky for retail investors to purchase crypto at the moment.

Saylor said:

“Well, I think the challenge is if you wait for a decade for everything to be cleared up, the price of Bitcoin is going to be 10 or 100 X more than this right now.

“So, you have to choose whether or not you want to enter knowing that there are about a dozen things that are going to mature the asset class and make it more transparent or whether you want to wait for all those things to take place and then pay a much higher price when it does.”

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According to Saylor, since the time his company started investing in Bitcoin, it has performed 10x better than any other asset, including S&P 500, gold, and Nasdaq 100 index. He said since August 2020, gold is down 10%, Nasdaq is flat, but Bitcoin is up 86%.

Read Also: MicroStrategy CEO Michael Saylor: “I Will Be Buying Bitcoin (BTC) At the Top Forever”

CNBC’s Squawk on the Street tweeted, “Microstrategy CEO Saylor says now is a great buying opportunity for Bitcoin, calling it an “ideal entry point.”

Microstrategy CEO @saylor says now is a great buying opportunity for #Bitcoin, calling it an "ideal entry point."@CNBC pic.twitter.com/mzOYY1Heqp

— Squawk on the Street (@SquawkStreet) June 15, 2022

In the course of the conversation, the veteran investor showcased his confidence on the fact that Bitcoin is the best-performing asset over any period of time –2 years, 4 years, 8 years, e.tc. He said he simply can’t come up with a better idea than choosing Bitcoin investment for MicroStrategy.

When asked if he considers buying more BTC for the company despite the current market situation, he said for a one-month investment, Bitcoin may seem risky and volatile, but for long-term investors with a minimum of 10 years in mind, it’s a risk-off store of value asset.

Saylor further claimed that “Nobody has ever lost money investing in Bitcoin for four years.” He also suggested that this time frame is a minimal one for buying Bitcoin and its $21,685 level is a simple moving average for a period of four years.

Saylor also said Bitcoin has only visited this level four times in history. So, he called this price level a great buying opportunity and an ideal entry point for investors.

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In a recent interview on Fox News show “Tucker Carlson Tonight”, Saylor, who his company has been accumulating Bitcoin in numbers, specifically stated that he will be buying the digital asset at the top forever, which implies that he’s so certain of the future of the asset class.

Read Also: MicroStrategy’s Michael Saylor: Countries, Banks, Conventional Finance Will Adopt Bitcoin (BTC) Eventually

In the course of the interview, Saylor also confirmed that bears have dominated the market, stating that all indexes are currently in the bears’ territory.

The popular crypto big gun also reiterated the fact that Bitcoin has proven to be a better safe-haven asset class, compared to Gold, S&P, Nasdaq, and others.

Michael Saylor noted:

“Bitcoin is the most certain thing in a very uncertain world. In a market full of chaos and sound and fury, people need a safe place to stand apart from the intervention of a government, an agency, or corporation.

“So, Bitcoin represents a fair, open, equitable network with a very simple promise to anyone that wants to join, which is what you own is yours and no one’s going to take it away from you…

“In these markets right now, there’s no simple place to hide. All the indexes are in bear market territory. Bonds don’t represent a safe refuse because they’re currency derivatives. Stocks have to grow their cash flows faster than the inflation rate.

Read Also: MicroStrategy CEO to Elon Musk: If You Can’t Buy All of Twitter, You Can Buy a Fraction of Bitcoin

“But if you zoom out, two years since the beginning of the covet crisis, you notice the US money supply expanded 36%. Gold is up 7%. The S&P index is up 29%. The Nasdaq only up 19%. Bitcoin is up 229%. So, if you can stomach the volatility, you take the long view, you’ve got a safe haven there…

“Whenever I have some spare cash, we buy more Bitcoin. We’re taking a very very long view toward this. The network’s only getting better. Adoption is improving.

“Very constructive regulation is coming out of DC, and the Lightning Network is moving us closer to Satoshi’s promise of letting everybody in the world trade with each other at the speed of light in a fair and equitable fashion… I’ll be buying at the top forever… Bitcoin is an instrument of economic empowerment.”

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During the recent Q1 earnings conference call of MicroStrategy, Saylor stated that the largest cryptocurrency by market capitalization, Bitcoin, is a far better asset for investment than gold.

Read Also: Pantera Capital Founder: Crypto Will Be the Only Place to Hide During Next Economic Downturn

The billionaire entrepreneur said as people are scared of investing their money in stocks and bonds due to the current economic conditions, Bitcoin is the least risky investment asset for retirement plans.

“To call it digital gold is an understatement. It really is the hardest money in the history of the world. But if you’re thinking about generational wealth and if you wanted to leave something for your grandchildren or if you wanted a retirement fund, it’s obviously a very, very compelling element of a 401(k)…

“What have I wanted to hold some kind of commodity money that’s better than a commodity because no one can make any more of it and Bitcoin is that thing.

“The 401(k) launch was kind of the shot heard around the world here because what’s going on here is people are going to have to stop and think about this and either this is the least risky thing you can put in a retirement portfolio or it’s too risky to put in a retirement portfolio.

Read Also: MicroStrategy CEO to Elon Musk: If You Can’t Buy All of Twitter, You Can Buy a Fraction of Bitcoin

As soon as you think about it and study it, you’ll realize that it’s the least risky thing you could put in a retirement portfolio. At least that’s the opinion of people that have studied Bitcoin for a while so the 401(k) offering from Fidelity is a massive educational event.

It’s going to put this front and center on the table for financial advisers, retirement planners, the entire big finance industry and I think, ultimately, it’s going to introduce Bitcoin to an entirely new class of investors and broaden fill the asset class.”

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