Michael Saylor Says Bitcoin Is Not Currency – But Still Plans To HODL For 100 Years
MicroStrategy CEO Michael Saylor – whose company now owns 205,000 Bitcoin (BTC) – says people should buy and HODL their coins 100 years.
“I would encourage people to think of it as digital property – a billion-dollar building in cyberspace,” Saylor told CNBC in an interview on Monday. “Hold it for 100 years.”
Earlier that morning, Saylor announced yet another seismic Bitcoin purchase for $800 million at an average price of $68,377 per coin. The new purchase was funded using proceeds from a recently announced $700 million convertible note offering, on which the firm is paying a meager 0.625% interest, and is due for repayment in 2030.
His company is now the world’s largest corporate holder of BTC, and nearly holds 1% of the entire BTC supply that will ever exist. His conviction to buy more not only comes from his core beliefs as a Bitcoin maximalist, but also the premise that BTC isn’t meant to be sold – or spent – at all.
“People refer to it as ‘digital currency,’ and that’s an unfortunate historical artifact,” Saylor said, likening the asset to valuable real estate property. “The compelling use case is capital preservation for everyone in the world.”
#Bitcoin is Digital Property. It is superior to other investments such as Gold, Equity, or Real Estate because it is digital, available, global, ethical, & useful to millions of companies and billions of people. pic.twitter.com/738dblB0Zt
— Michael Saylor⚡️ (@saylor) March 11, 2024
The executive noted that Bitcoin’s total addressable market as a store of value is a whopping $100 trillion, compared to the $1 trillion market for a desirable medium of exchange. Bitcoin’s market cap today is still under $1.5 trillion and slightly over that of silver, leaving ample room for growth.
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