Michael Saylor Reveals Why He Chose Bitcoin Over Goldadmin
Adding Bitcoin to their balance sheet has been highly rewarding for institutions that have gone that way. Michael Saylor, the CEO of MicroStrategy, has said that his company has no regret in choosing Bitcoin over gold
Bitcoin is better for MicroStrategy than gold could have been
According to Bloomberg Intelligence’s James Seyffart, Saylor made the statement while speaking in a Bloomberg warm-up event for the Bitcoin 2022 conference which kicks off today, April 6.
In a tweet, Seyffart quoted Saylor speculating that if MicroStrategy had chosen to adopt a gold standard instead of a Bitcoin standard there would have been a marked difference in the company’s standing at present.
By Saylor’s projection, if he had chosen gold, MicroStrategy would probably have invested about $250 and shareholders would have also missed out on the $4 to $5 billion profit the company is currently sitting on. In his words:
If I had picked gold instead when I bought Bitcoin we would probably have about $250 million in gold. And our shareholders would have missed out on $4 or $5 billion. the tweet said.
Saylor also opined that he does not think that crypto is in opposition to the US dollar, but is a net positive for it. This is because Bitcoin is more akin to property, while the greenback – often represented by dollar-pegged stablecoins in the crypto space – remains a top choice currency to own in any country, Saylor told Mike McGlone who was also part of the panel.
Saylor’s latest comments come after he recently asserted that plans to ban proof-of-work would amount to banning digital property. The staunch Bitcoin preacher called Bitcoin the most cost-efficient method of “converting energy into prosperity.”
MicroStrategy continues Bitcoin accumulation
The enterprise software company has not looked back since deciding to adopt a Bitcoin standard in 2020. MicroStrategy has become the biggest institutional investor in Bitcoin, holding approximately 125,051 Bitcoins in
total (about 0.5% of the total supply of Bitcoin).
Its last Bitcoin purchase of 4,167 Bitcoins was announced yesterday. The company shelled out about $190.5 million in cash to complete the buy at an average price of approximately $45,714 per Bitcoin, its filing with the SEC revealed.
Meanwhile, data shows that Bitcoin has outperformed gold by a wide margin in the last decade. Per CaseBitcoin, a tool that tracks the assets, Bitcoin’s 10-year return on investment (ROI) has recorded a whopping 955,954% increase compared to gold’s 19% increase.
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