MicroStrategy chief Michael Saylor says Bitcoin is more like digital property than a currency.
In the podcast Coin Stories, he answered a question from host Natalie Brunell on whether the first cryptocurrency poses a threat to the U.S. dollar.
“I would call it digital property. It is a threat to property, especially to other types of property, such as gold and real estate. I don’t think the United States government is threatened by real estate, buildings, companies or gold,” said Saylor.
Regarding Bitcoin’s volatility, he stressed that even if the cryptocurrency declines in the short term, MicroStrategy has no intention of selling the assets it has accumulated.
According to him, the key is to endure market downturns and FUD. As an example, he cited the former Microsoft CEO who did not sell his stake in the company despite repeated price drops:
“What a brilliant thing Steve Ballmer did to reach a $100 billion fortune? You know, he didn’t sell Microsoft.”
MicroStrategy to convert part of its equity into bitcoin, buying cryptocurrency worth $250 million in August 2020.
In December, the firm began using not only monetary resources but also to raise debt capital for investing in cryptocurrency.
At the end of June MicroStrategy acquired an additional 13 005 BTC for $489 million. The total amount of the company’s digital gold reached 105 085 BTC. This followed the issue of senior convertible bonds worth $500 million.
Also MicroStrategy announced an additional issuance of common shares up to $1 billion. The funds would be used, among other things, to purchase digital gold.
Earlier, Saylor warned bitcoin traders that they should expect disappointment due to the asset’s volatility, and urged investors to invest in the cryptocurrency only the amount they are prepared to lose.