Bitcoin Advocate Michael Saylor Sees Potential in Altcoins

Divya  |  Jun 16, 2021

MicroStrategy Co-Founder and CEO, Michael Saylor is optimistic about the future of different cryptocurrencies --- and not just Bitcoin. The bellwether and cryptocurrency’s most vocal proponent expressed his views on altcoins in a recent appearance on CNBC’s Fast Money.

Michael Saylor Believes Altcoins Have a Bright Future

Saylor is a longstanding BTC advocate, who tripled down on his support for the currency even as the market was suffering from uncertainty. His enterprise software company maintains one of the largest corporate reserves of Bitcoin.

Speaking to CNBC, Saylor elaborated that different cryptocurrencies have different purposes and it might take some time for new investors in the crypto landscape to understand that distinction. 

To explain his assertion, Saylor compared Bitcoin and Ethereum. He explained that the former is a “digital property”, which could be used as a store of value. On the other hand, Ethereum and ether are aimed at disrupting traditional finance. He stated :

“You’re going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the financial establishment. I think that as the market starts to understand these things, there’s a place for everybody.”

MicroStrategy Completes Debt Offering to Purchase More Bitcoin

On June 14, MicroStrategy announced that it has completed its offering of senior secured notes due in 2028 and raised $500 million in the process. The company intends to use these proceeds to buy more bitcoin.

The company also revealed its plans to sell up to $1 billion in stock to generate more funds. These funds could be used to pump the company’s BTC reserves even further.

As of last week, MicroStrategy held 92,079 Bitcoin worth more than $3.6 billion. The company’s latest fundraising exercise could bring that value to nearly $5 billion.

Shares of the company are up about 62% this year and over 400% in the last 12 months. MicroStrategy’s stock is currently trading at $630.54, which is far below its 52-week high of $1,300 in February.

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