MicroStrategy CEO On Buying Bitcoin While Trillions 'Melting' In

Michael Saylor, the co-founder of MicroStrategy, an American software company that famously used its balance sheet to buy over USD 400 million worth of bitcoin (BTC), said that his firm’s investment was “not a bet” – and claimed that big-business players may turn to crypto out of a “fiduciary obligation” not to allow cash holdings dwindle away while fiat inflation rockets, undaunted by volatility issues. Speaking on Anthony Pompliano’s Pomp Podcast, Saylor remarked that the firm’s executive board decided to back the decision rather than hang onto it “for a rainy day.”One of fund managers’ and institutional investors’ biggest bugbears when it comes to BTC has always been volatility, but Saylor claimed that larger-scale investors do not share the same sort of concerns on this matter as day-traders – and even claimed that bigger investors could play a key role in boosting BTC stability. He also added that he was surprised crypto volatility was not higher.“Crypto trades 168 hours a week. Every other asset trades 35 a week at best, and sometimes less during holidays. I look at this thing in awe. I look at exchanges on Saturday night at 9:30pm and think this is the most magical, hardest-working security in the history of the world. […] Everybody ought to be in awe that the thing’s not going haywire. It’s remarkably non-volatile in that regard,” the CEO said. And Saylor claimed that company executives need to respond fast to the rapidly changing financial outlook – with fiat fading and crypto on the rise, adding,He stated that “a lot of people are getting catalyzed right now,” but remarked that change needs to come from the top. He also opined that his own company’s BTC activities could spur others into action, claiming,Also, he doesn't agree that Bitcoin might become another MySpace, a social network that was superseded by Facebook, as there was no "hundred billion dollar monster digital network" that vanquished once it got into a dominant position. MySpace was sold for USD 35m in 2011, compared with the reported USD 12bn valuation in 2007. According to him, the winning formula for the past 10-15 years has been finding a digital dominant network that "dematerialized some fundamental thing."The CEO said the main thing he cares about is the security of the Bitcoin network. In September, Bitcoin hashrate, or the computational power of the network, reached its new all-time high. The higher the hashrate, the more secure the network is.


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