If you hodl BitcoinBetter hold it with a firm fist – this is the message that many analysts and Bitcoin supporters have been emphasizing lately. The same thing has been done time and again by entrepreneurs Michael J. Saylor. Not only did this industry leader buy the dip at every opportunity, but they also made a strong case for Bitcoin and cryptocurrencies.
When the king’s coin dropped to $ 31,000 a week ago, Saylor got another perfect opportunity to add more Bitcoin to MicroStrategy’s portfolio. There’s no denying that MicroStrategy and Saylor definitely knew how and when to do it buy the bitcoin dip. Saylor recently once again struck a bullish tone on Bitcoin interview with analyst Benjamin Cowen.
#Bitcoin is digital property that is technically superior to all other forms of property. It demonetizes gold, real estate, bonds, stocks, cash, derivatives and commodities and the solution to the challenge of economic security and empowerment in the 21st century. Https://t.co/U6v4ET8iMo
– Michael Saylor (@michael_saylor) July 1, 2021
Comparing Bitcoin to a big tech company, the entrepreneur argued that BTC “has everything a big tech company has, but it’s not a company and comes with no product risk”. He called BTC “more global” and said that “the product is simple”. Saylor went on to say that Bitcoin is the way to go if the ultimate goal is not to lose money.
“Bitcoin is like Manhattan, if you owned it in the 19th century, would you ever sell it or sell it short? To me, the idea of Bitcoin is that you buy a city block in cyber Manhattan with the opinion that it is a billion dollars in monetary energy. Holding BTC is a business strategy, if you want to get rich you must have a high quality asset like BTC. ”
Apple’s quarterly ROI for the most recent quarter was 34.19% compared to Google’s 18.13% over the same period, while Bitcoin’s ROI for the past 90 days was -43.52%. This could be attributed to the high volatility and multiple price drops of BTC. However, Bitcoin’s one-year ROI was 260.99% above that of most major tech stocks.
After the last one Energy FUD News from China that led to the price drop of BTC, Saylor used the price drop as MicroStrategy acquired a further 13,000 BTC, which increases the total stock of BTC to 105,085 BTC.
When the moderator asked Saylor about an ideal portfolio strategy and asset diversification, the manager quickly called diversification a fool’s strategy.
“A diversified portfolio is not necessarily a good strategy. Thinking about macroeconomics and socioeconomic dynamics would determine what your potential choice is. If there is a new, more valid technology, it invalidates the previous characters. “
Saylor also criticized diversification theory, saying it made no sense since all assets are pegged to currencies. He then talked about how the currency is devaluing and the US dollar is devaluing at a rate of 20% so it is best to bet on the winner (BTC).
In hindsight, it’s interesting to note that MicroStrategy’s market cap has increased from $ 1.15 billion as of June 30 last year to $ 6.5 billion in 2021. With Bitcoin up 11% last week, MicroStrategy’s shares rose 13.5%. Many also have speculated that the company’s stock is tied to the success or failure of BTC.
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