Michael Saylor - People Are Underestimating Bitcoin - Aug. 19, 2021

Michael Saylor - People Are Underestimating Bitcoin - Aug. 19, 2021

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Michael Saylor on the Blockchain Interviews

In this interview, Michael Saylor explains why Bitcoin is the best asset to buy in the universe. He also reveals why his company, MicroStrategy, invested heavily in Bitcoin. Here is the highlight of the interview:

We're in year one or two of commercial Bitcoin banking. MicroStrategy's first Bitcoin acquisition was around August 11. When you get three to five years into the world of Bitcoin banking, the security, regulatory, and due diligence issues will become clear. It's hard to see a Bitcoin bank that has taken a billion dollars of Bitcoin generated consistently for 10 years in a row without any kind of mishap.

If you are buying other conventional financial instruments, you're taking 100 times as much risk, and it's 10 times as complicated to get 5% more. That's a fiduciary issue that doesn't make sense. It doesn't make sense to divert your time, legal, and financial teams to jump through as many times as many compliance accounting, security, and regulatory processes. Rather, it's wise to buy Bitcoin that has been yielding 120% a year for a decade, and leverage up.

Another analogy of holding Bitcoin is buying 100,000 acres in Las Vegas and owning it or carefully getting 100 architects and planning 150 hotels and the septic systems and all the traffic light systems and the elevator systems in Las Vegas.

Saylor's strategy is to run an enterprise software company that builds the world's best business intelligence software. And his second strategy is to acquire and hold Bitcoin. The job of MicroStrategy is not to diversify your portfolio to 100 other securities or hedge the risk. But if you had $100 million and you wanted 1% exposure to Bitcoin, you might prefer to own MicroStrategy that plans to be three times leveraged Bitcoin, then own a Bitcoin ETF, which is a one-time leverage Bitcoin. You certainly won't like to take your money to a company that sometimes buys and sells Bitcoin anytime it wishes and do things unpredictably.

Bitcoin is 10 years old with a successful proof-of-work system. We've got only things in the blockchain that have been deemed as property or commodity. They are Bitcoin and Ethereum. But only Bitcoin has a consistent strategy for the next decade. So Bitcoin is pretty much more predictable in the entire blockchain universe, and everything else is uncertain.

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