Michael Saylor: No BTC Price Point Can Make Me Sell Bitcoin
Regardless how low bitcoin’s price goes, Michael Saylor will not be forced to sell any BTC, whether his personal ones or those belonging to the MicroStrategy.
MicroStrategy’s CEO also indicated that BTC is among the few assets fitting the criteria of potential upside movements by a factor of 100.
It has been almost a year now since CEO Michael Saylor announced the MicroStrategy’s first massive Bitcoin purchase worth more than $200 million. In the following eleven months, the publicly listed business intelligence giant kept buying, owning more than 100,000 coins as of now, and Saylor became known as one of the most prominent bitcoin advocates.
In a recent interview with Natalie Brunell from Coin Stories, Saylor spoke about the potential consequences for him and his firm, if Bitcoin fails to maintain its price above a certain price threshold or if it even plummets below MicroStrategy’s average entry point.
Saylor said, he would not be pressured to sell even if such a scenario plays out. In fact, the opposite, he sees the cryptocurrency’s adoption curve as part of the natural turn of events and compares bitcoin to fire and electricity.
“It took the human race 100,000 years to figure out fire – that was a slow thing. I think it took the human race 20 or 30 years to figure out electricity. I don’t think bitcoin will take 30 years – I think information is spreading faster, but maybe it takes another decade.”
"Bitcoin is like fire or electricity…it's just a matter of time." -@michael_saylor
Here's my wide-ranging interview w/ MicroStrategy CEO Michael Saylor about his origin story & conviction for #Bitcoin ??
According to Saylor “the tens of thousands of” organizations and developers working on improving the Bitcoin network, including MicroStrategy’s endeavors, will enhance mass adoption faster than expected. As such, his company continues with its pro-BTC strategy while it grows into a “$1 trillion, then $10 trillion, then $100 trillion” dollar asset.
Bigger Chance of Becoming Rich With Bitcoin Than Gold
Saylor also addressed a recent twitter BTC-bashing from Peter Schiff – a well-known gold supporter and bitcoin critic. According to Schiff people buy gold to stay rich, not to become rich. While, they put “too much money” in Bitcoin in order to become wealthy, but in fact with a great potential of becoming poor, Schiff laments.
You don't buy #gold to get rich. You buy gold to stay rich. Most people who are buying #Bitcoin are doing so to get rich. The problem with putting too much money into something that has the potential to make you rich is that it also has an even greater potential to make you poor.
“There is a much bigger chance to become rich by buying bitcoin than buying gold.”
To create wealth, he advised people to look for “some big tech dominant digital network that everybody needs, nobody understands, and nobody can stop.”
Saylor outlined a few examples with Google, Amazon, Facebook, and Apple, which made their creators some of the wealthiest people on Earth. More importantly, the people behind these behemoths didn’t sell the stock in times of hurdles and turbulence.
According to Saylor, gold’s problem is that “it’s not making a digital transformation. It’s a 5,000-year-old idea that stopped working in 1914.” On the other hand, bitcoin represents “the digital transformation of property – gold is not.”
“If you want to get rich, your only hope is to create an asset that is going to appreciate by a factor of 100 or to buy an asset that is going to appreciate by a factor of 100.
The only asset that is going to appreciate by a factor of 100 or 1,000 is by definition an asset that 99% of the population doesn’t appreciate or understand.”
Saylor highlighted how important it is for people to do their own thorough research before allocating any funds, but believes that “bitcoin fits the general criteria as it’s a big tech network that is underappreciated and has massive upside potential.”
