MicroStrategy chief pledges not to sell Bitcoin for a century

MicroStrategy chief executive Michael Saylor said he plans to hold BTC for 100 years. He told Real Vision Finance in an interview.

“This is not speculation and not hedging. It is a measured strategy for adopting Bitcoin as a standard,” Saylor explained decision to invest about $250 million in purchasing 21,454 BTC.

MicroStrategy became the first public company to allocate part of its capital to Bitcoin. In September, the company purchased an additional 16,796 BTC for $175 million.

Saylor added that the investments were approved after joint discussions among the board of directors, investors, auditors and executives of the firm.

MicroStrategy decided to rethink its free cash flow structure in favour of assets best suited for long-term storage amid growing global economic uncertainty. After evaluating various options, Saylor concluded that Bitcoin is the only such asset.

According to the executive, taxes, fees and inflation “kill” almost all financial instruments. Those that remain afloat lose appeal because they are controlled by chief executives or governments.

Comparing traditional assets with Bitcoin, Saylor concluded that Bitcoin’s infrastructure is evolving over time, making the first cryptocurrency “harder, stronger and faster.”

“BTC is a hive of cybernetic hornets, protected by a wall of encrypted energy,” this is how the MicroStrategy CEO sees Bitcoin.

Saylor does not consider it appropriate to compare Bitcoin with Ethereum, since the latter “still has to prove its functionality.”

“It has centralized competitors, and the developers of Ethereum itself have not yet completed the development of a new architecture,” he explained.

The head of MicroStrategy believes that Bitcoin is the “winner of the cryptocurrency market.”

The executive believes that BTC cannot be compared with cash, gold or other commodity assets:

“If you have $100 million in cash, you would lose 99% over 100 years. If you invested in gold, you would still lose at least 85%. With Bitcoin everything is transparent — anyone can verify in seconds that I own this cryptocurrency. Its supply, unlike gold, is finite. You can send BTC to any point in the world for $5 and liquidate $100 million in one Saturday afternoon.”

The MicroStrategy chief emphasised that the actions should not be viewed as speculation. He indicated that these purchases are for those who will run the company after him, in 100 years.

Saylor added that the company is closely tracking the development of the cryptocurrency market.

In September, the MicroStrategy CEO predicted that other private companies would move to Bitcoin in the coming months.

In October, Jack Dorsey’s payments company Square announced the purchase of $50 million worth of Bitcoin. Also followed suit at Stone Ridge Holdings Group.

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