Michael Saylor: “If it ‘kinda’ doesn’t break, Bitcoin stays”
While speaking on the July 15th edition of the Coin Stories podcast hosted by Natalie Brunell, MicroStrategy’s head Michael Saylor said he believed Bitcoin is more like digital property than digital currency. When Saylor was asked whether he thought that Bitcoin was a threat to the United States dollar, he replied:
“I would call it a digital property; it’s a threat to property; it’s particularly a threat to other forms of property. Gold is poperty; real estate is property. I don’t think the United States government is threatened by real estate or buildings or companies or gold.”
Earlier in the week Saylor made some assertions as Scott Melker’s guest on his Wolf Of All Streets podcast. Here Saylor had remarkably said:
“I don’t really think that Bitcoin’s going to be a currency in the U.S. ever. Nor do I think it should be.”
As he outlined that people are now weighing up whether to purchase Bitcoin instead of opting for traditional investments, such as real estate, stocks, starting a business or buying gold, he had added:
“And what it’s doing is, it’s demonetizing other forms of property.”
Speaking with Natalie Brunell, Saylor told her that his organization, MicroStrategy, will ‘hodl’ through periods of market downturn and FUD. He emphasized that the company is prepared for further volatility in the future and it has no intention to sell, even if Bitcoin crashes in the short term.
To make his point Saylor referred to Microsoft Chief Executive Officer Steve Balmer, who didn’t sell his stocks when the price crashed in the past:
“What was the brilliant thing that Steve Balmer did in order to be worth $100 billion? You know, he didn’t sell Microsoft.”
Saylor then dropped the famous Warren Buffet quote:
“If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes,”
In closing, the MicroStrategy noted the significance of Bitcoin and its use case:
“One iPhone 12 in a hundred years will be worth nothing, so the product that Apple is selling isn’t gonna last 1,000 years. The product that Bitcoin is selling is 1/21 millionth of all the money in the world. That doesn’t have to change, it just kinda has to not break.”
However, should Bitcoin’s price be less than what it represents now in four years, the company might reconsider its position. The wait is still there.
Saylor is no stranger to sending out quotes to his Twitter followers, and Buffet is apparently an inspiration.
“We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” – Warren Buffett on #Bitcoin
— Michael Saylor (@michael_saylor) July 14, 2021
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Author: Peter Siu