According to Bloomberg, Bitcoin bull Michael Saylor says he personally owns $1 billion in Bitcoin.
In a recent interview, Michael Saylor, CEO of MicroStrategy, revealed his personal ownership of Bitcoin now exceeds $1 billion. This comes as Bitcoin’s price experienced volatility, dipping below the $50,000 mark momentarily.
Saylor discussed MicroStrategy’s continuous investment in Bitcoin, mentioning the company’s acquisition of an additional 169 Bitcoins in July for over $11 million. Despite Bitcoin’s recent dip, Saylor emphasized his long-term strategy.
“We’re always buying Bitcoin quarter by quarter. It’s a long-term strategy. The most important point for people to understand is that Bitcoin volatility is a feature, not a bug. This volatility creates tens of billions of dollars of credit and liquidity globally in the short term. Over the long term, this volatility drives superior asset performance and durability,” Saylor explained.
Addressing concerns about Bitcoin’s suitability as a store of value due to its volatility, Saylor argued, “The reason it moves is because it’s functional, digital capital. It’s superior to physical or financial capital. Bitcoin is a capital investment you can hold for decades that no corporation, competitor, counterparty, or country can take away from you. It can create generational wealth and can be liquidated at any time, anywhere in the world, or held indefinitely without active management.”
Saylor believes the world is waking up to Bitcoin’s virtues despite its volatility. “It’s so superior to every other option for long-term capital management,” he said.
When asked about the psychology behind market pullbacks and how it influences his investment decisions, Saylor compared Bitcoin to prime real estate, “We look at Bitcoin as cyber Manhattan. There’s never a bad time to buy up scarce, desirable real estate in the greatest city in North America. Similarly, there’s never a bad time to buy Bitcoin. We acquire it whenever we have cash, can raise money in the capital markets, or see the opportunity. Timing the market is almost impossible; it’s time in the market that matters.”
