Microstrategy CEO Michael Saylor reveals on planning to hold his company’s Bitcoin (BTC) for more than 100 years. The company had purchased 21,454 BTC for $250 million two months backs, now worth more than $278 million.
MicroStrategy’s Invests in Bitcoins as a Long-Term Store of Value
In an effort to restructure its financial system amid the recent financial uncertainties in the pandemic, MicroStrategy went ahead to invest in digital assets as a long-term store of value.
Saylor said that the decision to invest such a large sum of the company’s holdings into Bitcoins was reached due to a mutual agreement between its board of directors, investors, auditor, and executives saying:
“This is not a speculation, nor a hedge. It is a deliberate corporate strategy to adopt the Bitcoin Standard.”
The CEO believes that the largest cryptocurrency by market capitalization is getting only stronger and faster and is definitely up for further evolution. He described the cryptocurrency as a hive of cybernetic hornets protected by a wall of encrypted energy.
Bitcoins Perfect as a 100-Year Investment
After considering various options, Michael Saylor concludes that Bitcoin is the only perfect candidate as a 100-year investment. He goes on to clarify that taxes, fees, and regulations under companies and governments kill the possibility for profit maximization.
The CEO believes that Bitcoin is an unparalleled match to that of gold or any other commodities. He cites an example to prove his point that if one holds $100 million in cash over 100 years, 99% of it will be lost, if held in gold, 85% will still be lost at the best.
Saylor says Bitcoins have similar monetary utilities as gold. While comparing the cryptocurrency to gold as to what steel is to bricks. The CEO went on to add that he is into Bitcoins for the long term overhaul rather than short term profits.