Michael Saylor Says Bitcoin Offers “Economic Immortality” And Will Reach $10M Per Coin
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Highlights:
- Michael Saylor discusses Bitcoin’s potential to reach $10 million per coin and China’s support in a podcast interview.
- Saylor advocates for Bitcoin as a solution to corporate mortality and economic stability.
- His company’s recent acquisition of 11,931 BTC increases its holdings to 226,331 tokens, valued at $14.51 billion.
Michael Saylor, co-founder and executive chairman of business intelligence company MicroStrategy, recently offered interesting perspectives on the potential of Bitcoin (BTC) in an 84-minute podcast interview with Bitcoin enthusiast Robin Seyr. He claimed that it will reach $10 million per coin and the entire nation of China will support the world’s largest digital asset.
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#Bitcoin is Economic Immortality.pic.twitter.com/ZtLzUK4kO6
— Michael Saylor⚡️ (@saylor) June 23, 2024
In the video introduction, short clips of Saylor confidently stating, “The cost of Bitcoin will rise to ten million dollars per coin,” are shown alongside his typical entrepreneurial quotes:
“What’s the difference between perfect money and imperfect money? Perfect money is economic immortality. Imperfect money is: we all have a short, brutal life.”
Bitcoin to Eliminate Challenges of Corporate Mortality
Saylor believes that Bitcoin is the future of money and helps companies become immortal in society. He presented this concept with the question: “What if I told you I could make your company live forever?”
Saylor mentioned that companies typically last around 10 years because many don’t survive after their founders pass away. He suggests society needs to evolve to overcome this corporate mortality. He argued that companies investing in BTC are likely to endure longer than those stuck in outdated corporate practices.
MicroStrategy’s executive chairman stated:
“If you create a company that lasts more than 10 years, that’s significant. How many companies have existed for over 100 years? We’re talking about making companies live forever.”
According to Saylor, Bitcoin is a groundbreaking technology that can potentially empower individuals, families, institutions, businesses, and even entire countries. He likened it to scientific breakthroughs that have profoundly impacted society, such as reducing infant and maternal mortality rates. Saylor emphasized that the convergence of science and economics through BTC is highly consequential.
Bitcoin Adoption in China
The chairman of MicroStrategy pointed out the potential impact of Bitcoin adoption in China. According to Saylot, if the Bank of Shanghai launches a Bitcoin ETF with custody services, it could potentially provide access to 1.5 billion people in China. A spot bitcoin ETF has already been introduced in Hong Kong, although it is uncertain whether China will follow suit. He believes that the increasing adoption of BTC in China will drive up the price of BTC.
He said:
“People will get rich, and it will be difficult to undermine a sovereign nation with ideologies that keep people poor.”
Saylor Highlights Bitcoin’s Dominance Over Other Assets
On June 22, Saylor highlighted the performance of top assets from 2011 to 2024 and said nothing beats BTC. Since 2011, BTC has achieved an impressive cumulative return of 21,372,237%, surpassing gold, tech stocks, and other assets by a substantial margin.
Nothing ₿eats #Bitcoin pic.twitter.com/r7wXaIXcvL
— Michael Saylor⚡️ (@saylor) June 22, 2024
Annually, BTC has surpassed every other asset class with an average return of 148%. However, during this current halving cycle, Bitcoin’s price performance has been disappointing. The top cryptocurrency is trailing behind MicroStrategy (MSTR) and several mining stocks.
MicroStrategy Adds 11,931 BTC, Total Holdings Reach 226,331 BTC
On June 20, MicroStrategy announced its latest Bitcoin purchase in a press release. The company acquired 11,931 BTC worth approximately $786 million, with an average price per token of $65,883.
MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON
— Michael Saylor⚡️ (@saylor) June 20, 2024
As of April 2024, MicroStrategy owned 214,400 BTC. With its latest acquisition, the company’s BTC holdings have risen to 226,331 tokens. At the current market price of $64,117 per BTC, the company’s Bitcoin holdings are now valued at around $14.51 billion. MicroStrategy bought these Bitcoins at an average of $36,798 each, spending about $8.33 billion in total.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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