Bitcoin mining is not boiling the ocean, said Michael Saylor during the Aug. 7 interview on “Bloomberg Open Interest.” However, the asset sure is boiling the MicroStrategy founder’s blood for a future-proof finance platform.
Bloomberg Television’s Sonali Basak asked the insatiable Bitcoin custodian, “Beyond MicroStrategy, how do you hold Bitcoin personally? Do you have a significant personal stack in addition to what you own through MicroStrategy and through MicroStrategy stock?”
Here’s what the MicroStrategy (NASDAQ: MSTR) founder and Chairman said…
Michael Saylor Advocates Hodling For Your Personal Finances
“Yeah, I do have significant personal Bitcoin holdings,” Saylor replied. “I think about four years ago, I tweeted that I have 17,732 Bitcoin. I haven’t sold any Bitcoin — I continue to acquire more Bitcoin.”
That could mean the only individuals in the world who own more Bitcoin than Saylor are Binance Founder Changpeng Zhou, the Winklevoss Twins, and Satoshi Nakamoto.
Moreover, he added, “I think it’s a great capital investment asset for an individual, a family, an institution, a corporation, or a country. And I can’t see a better place to put my money.”
“So my view is if you’re going to put away billions of dollars for decades, you’re going to want a very powerful crypto network to defend it and there really is no second best,” Saylor concluded.
Says Bitcoin “Will Fix” Corporate Balance Sheets
On Wednesday morning, Saylor tweeted, “#Bitcoin will fix your corporate balance sheet.” During the interview on Bloomberg Television, the MIT graduate and Bitcoin advocate said:
“Bitcoin is special because it is literally the most powerful computer network in the world. It’s the most powerful. It’s got the most electrical power— it’s got the most computer power— it’s got the most economic power— it’s got the most political power.”
Instead of apologizing for the Bitcoin network’s power usage, he bragged about how the world’s undisputed leader in blockchain deployment uses more electricity than the United States Navy to secure users’ holdings.
“The fact that it runs on 17 gigawatts or more of electricity means it’s got more power than the United States Navy. That makes it nation state resistant and nuclear-hardened.”
MicroStrategy’s average cost per Bitcoin is around $37,000, and the company is planning a 10-to-1 stock split. The Bitcoin price Wednesday rose to the $57,500 handle before dropping back to support around the $56,000 level, which means the company stands on a massive unrealized profit.