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There’s no reason not to hold Bitcoin for 100 years, Michael Saylor says

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MicroStrategy CEO Michael Saylor expressed confidence in the optimistic future of Bitcoin and said that sooner or later it will become one of the generally accepted forms of ownership.

Thus, in his opinion, BTC is more like digital property than digital currency.

The head of MicroStrategy said that by investing in bitcoin, the company has high hopes for it. The top manager noted that for his company; betting on the first cryptocurrency was the embodiment of “the strategy with the highest growth potential and the lowest risk”.

Saylor believes the Bitcoin network has unique potential to support new features. According to him, the open Bitcoin network will soon be used by billions of users; and in the long term, Bitcoin will be owned by almost every person or company.

In addition, earlier Saylor called Bitcoin the best way to preserve value; so MicroStrategy intends to store the purchased bitcoins for 100 years. As of July 2021, the company owns 105,085 BTC. About $ 2.741 billion spent on their purchase, of which the borrowed funds amounted to $ 2.2 billion. At the same time, the average purchase price rose to $ 26,080.

Meanwhile, institutional investors have been withdrawing funds from crypto-focused products for the fourth week in a row, despite Bitcoin’s rally.

Over the past seven days, institutions have withdrawn about $ 19.5 million from products focused on cryptocurrencies.

Bitcoin is not a threat to the US dollar

MicroStrategy itself made the first major cryptocurrency investment almost a year ago, and during that time Saylor has been a very active supporter of the industry’s first coin. At the same time, he now stated that cryptocurrency is not a threat to the main fiat currency – the US dollar.

In other words, cryptocurrency is unlikely to ever become a means of payment in America, Saylor said. Here is a remark from an entrepreneur, in which he shares his attitude to what is happening.

“I would call Bitcoin digital property. That is, it is a threat to property, especially to other forms of property. Gold, real estate is property. I don’t think the US government threatened by the real estate market or the precious metals market”.

So Michael assumes that the dollar and Bitcoin have completely different methods of use and purpose. That is, the expert sees the cryptocurrency primarily as a tool for preserving value, and not as a means of making payments.

This position is logical, especially if we assume that the means of payment must be used several times every day. Yet even now – when the coin market has sagged and user activity has diminished – fees for conducting Bitcoin transactions have not disappeared anywhere and remain tangible.

However, in the future, BTC may gain such great popularity that it will “take over” most of the capitalization of the aforementioned markets. Saylor believes that already now people are faced with a choice: buy them Bitcoin or invest in real estate, and so on. At the same time, the MicroStrategy company itself will continue to “hold on” to its bitcoins. Saylor does not intend to sell the Bitcoins accumulated over the past year, although the firm has had unrealized losses for several rounds of investments.

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