Coming from the head of a company that invested $650 million in bitcoin in the past several weeks, Michael Saylor makes a case for more corporations to put their money in bitcoin.
In an interview with HyperChange, Saylor specifically targets Telsa and how they could double their spending power by allocating its billions toward Bitcoin.
“You’ve got $20 billion worth of monetary energy today, it’s losing 15% of its purchasing power a year and you’re going to lose half of that energy in 36 months unless you protect it if you put it into Bitcoin,” said saylor.
He then continues to encourage Tesla to “Why not put a billion in and it will be worth $8 billion in three years.”
Saylor’s newly found faith in bitcoin as an investment shows the long-term holding capabilities of crypto, particularly bitcoin. Rather than thinking of the coin as a short-term trading mechanism, Saylor now views bitcoin as a corporate strategy for future profit.
This point of view obviously isn’t isolated to MicroStrategy as more companies begin to back their assets up in bitcoin. MassMutual, for example, just bought $100 million BTC—a small but worthy part of their $235 billion general investment fund.
Christopher Wood, the Global Head of Equity Strategy at Jefferies (an investment bank with $50 billion in asset funds) and a friend of Saylor also agrees. Jeffries revealed recently that it too allocates their assets, 5% to be exact, to bitcoin investment.
As more corporate giants put their money behind crypto, it is only natural that more will follow the trend. And the result is a continuing rise in the price of bitcoin.
A good question to ask though: Is it ok for billionaires to invest in and promote bitcoin while knowing that these actions will consequently make them more profit? Tell us what you think in the comments below.