MicroStrategy CEO Michael Saylor said in a webinar that Bitcoin is a $250 billion solution.
At the webinar, held on October 30, Michael Saylor, CEO of MicroStrategy, called Bitcoin one of the best things that has happened to the crypto world. As a result, he said, „Bitcoin is a $250 billion solution.
Interestingly, MicroStrategy Incorporated (MSTR) currently owns the largest amount of Bitcoin of any publicly traded company.
Bitcoin is a solution
In this regard, at the webinar, Michael J. Saylor explained to Dan Held of Kraken why the world’s largest cryptomoney is the solution to a „$250 billion problem.
In fact, in his speech, Saylor said that Bitcoin is a solution because it has a fixed supply and cannot be affected by inflation.
„99.9% of people do not understand the solution. But, with a market capitalisation of $250 billion, we are a little beyond the point where government regulators, hackers or others could have eliminated it“.
MicroStrategy and its purchase of crypto currencies
Indeed, MicroStrategy, the largest independent, publicly traded business intelligence company, announced that it has purchased 21,454 Bitcoins. At a total purchase price of $250 million, including fees and expenses.
„We acquired 21,454 BTCs through 78,388 transactions, and then secured them with 18 more transactions. Without a doubt, Bitcoin scales very well as a store of value.“
Saylor later said: „99.9% of all assets in the world are in alternative assets: $250 billion in bonds, stocks, real estate, precious metals and derivatives. While there is only a market capitalisation of $250 billion for Bitcoin“.
Right away, Phong Le, MicroStrategy’s president and chief financial officer, said, „I believe that spending $250 million on Bitcoin will provide an opportunity for better returns.
Of course, the news spread quickly across multiple social networking platforms focused on Bitcoin. Indeed, there was no shortage of expressions of joy among those who shared their views on this purchase.
Because of this, statistician Willy Woo said, „Since it took MicroStrategy six months to approve its change to Bitcoin, any copycat movement would begin to emerge in 2021.
MicroStrategy CEO Has $240 Million in Bitcoin
In addition, Michael Saylor revealed that he owns around $240 million in Bitcoin. Specifically, he said in a tweet that he has 17,732 BTCs that he bought at $9,882 each on average.
„Personally, I have 17,732 BTCs. I just informed MicroStrategy about my personal investments. Before the company decided to buy Bitcoin, for itself.“
Most importantly, Saylor said the decision to invest in Bitcoin was driven by the current global economic and business situation. He also considered the existence of possible future risks to his corporate treasury programme.
In closing, since his purchase of Bitcoin, the CEO has been a strong supporter of it. At the same time, he has called cryptomoney the best reserve of value, much better than gold shares.
I leave with this statement from Eric Schmidt: „Any informed person should know about Bitcoin. Because this is perhaps one of the most important developments in the world.