Every company, public or private, should own bitcoin, says the CEO of MicroStrategy, Michael Saylor.
His statement comes on the day Elon Musk announced that it will be possible to buy Tesla cars with bitcoin and that Tesla will not convert BTC from sales into fiat currency.
A strategy that Michael Saylor says everyone should adopt:
“Shareholder value creation comes from holding an appreciating asset $BTC over a long period of time. It is logical for every firm (both public & private) in the #Bitcoin industry to do the same thing Tesla is doing. Corporate treasuries should #hodl bitcoin”.
The CEO of MicroStrategy is one of the most active supporters of bitcoin and it is not the first time he has spoken out on this subject.
During a recent webinar Michael Saylor stated:
“There’s no reason Bitcoin shouldn’t expand to flip gold and then to replace negative-yielding sovereign debt and then to replace money markets and savings accounts and cash accounts”.
According to this view, bitcoin becomes a viable substitute for gold that everyone should keep in their reserves to hedge against inflation. It was precisely the fear that inflation would devalue the dollar that prompted Michael Saylor to have MicroStrategy invest a large part of their reserves in bitcoin.
Michael Saylor’s mission with Bitcoin
The Fed’s large liquidity injections are likely to lead to a weak US dollar and this has led to the need to find another store of value for those with large amounts of capital in dollars.
This is what MicroStrategy has done by choosing BTC. To date, the investments first made in August have paid off. At the time, Bitcoin was worth around $11,000, while today it is close to $60,000.
And if volatility is a problem for some, that doesn’t change the fact that bitcoin remains the solution for the CEO of MicroStrategy.
“My mission right now is to fix the balance sheets of the world”.
By resorting to bitcoin obviously.