MicroStrategy CEO Wants Everyone To HODL
As the summer ended and Bitcoin found itself in the dog days of September, it was MicroStrategy CEO Michael Saylor who reported that his company had doubled their Bitcoin holdings from $175 million to $425 million, a very bullish sign. Of course, the name MicroStrategy does not have the same ring as Jack Dorsey’s Square or PayPal which was once founded by Tesla’s Elon Musk.
Embracing #Bitcoin Late, Tech Dominance, Owning vs. Trading, Volatility Myths, Stampede to SoV, Big Tech & Gold Defects, Bitcoin is Hope, Commodities vs. Assets, Crypto Wars, S Curve, Generational Wealth, Monetary Energy, Perils of Models— Michael Saylor (@michael_saylor) October 22, 2020
https://t.co/Y4AcpErFQb via @YouTube
Be that as it may, MicroStrategy CEO Michael Saylor is still doing all he can to promote his investment and get others into crypto as well. For him it’s all about “protecting investors’ assets from currency debasement.”
He effectively denounces fiat currencies, like the dollar, saying that if you try to hold $100 million over 100 years, “you will lose 99%” in terms of purchasing power.
This is why Michael Saylor also seems to want to adopt the HODL technique, so dear to the cryptosphere:
This is the mindset of the long term. I’m buying it for the guy who’s going to work for the guy who’s going to be hired by the guy who’s going to take over my job in 100 years.
At the same time, given the immense sums MicroStrategy has already committed to Bitcoin, it pays to be optimistic. But if all this is the start of a large movement of funds, of a partial migration of the treasuries of certain multinationals towards cryptocurrencies like Bitcoin, the MicroStrategy CEO could have indeed been the first of many.