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Michael Saylor Praises Bitcoin’s Scarcity, Says Gold Is A Commodity
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CEO of MicroStrategy Michael Saylor remains one of the most vocal supporters of bitcoin. Countless times in the past, Saylor has always lauded the benefits of the digital asset, which he says is the best investment. His convictions are shared by his firm which remains the publicly traded company with the largest bitcoin holdings in the world. Now, once again, Saylor has spoken out in favor of the cryptocurrency, effectively snubbing its competitors while he’s at it.

Bitcoin Is The Only Scarce Asset

Bitcoin’s scarcity has often been one of the strongest arguments for the value of the cryptocurrency. According to the code, there can only be 21 million bitcoins mined, meaning that once this supply is mined, there are no more bitcoins coming into circulation. More BTC cannot be created, making it one of the most scarce assets in the entire globe.

Related Reading | Bitcoin Mempool Fills, Transactions Fees Double; Here’s Why

With bitcoin’s growth, it has fast become a rival for other top investment assets in the space. One of those assets is gold. Bitcoin which is referred to as digital gold has outperformed its physical rival over the course of the last few years, putting them in fierce competition with each other. However, according to Saylor, only one of these assets is truly scarce and that is bitcoin.

Speaking on the PBD Podcast, Saylor explained that all other assets can have more of them created. He called bitcoin the only scarcity known to humanity. The CEO referred to gold as a commodity, alongside other assets like real estate and luxury watches.

“I can create more real estate in New York City. I can create more cars. I can create more luxury watches. I can create more gold. I can create more shares of a stock. I can create more bonds,” Saylor explained.
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BTC declines below $40,000 | Source: BTCUSD on TradingView.com
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His reasoning was that since he can create more of these, then they are basically commodities. Whereas, bitcoin is “magical” given that there will only ever be 21 million tokens and no one else can create more BTC once they are all mined.

Related Reading | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts

“I can create any commodity; they’re commodities by definition. Given enough money and time, I can create infinite of any of them,” Saylor continued.

Saylor’s advocacy for bitcoin runs both personal and professional. Saylor is known for using his personal bitcoin investment as an argument for why MicroStrategy should invest in the digital asset. As of the time of this writing, MicroStrategy owns over 120K BTC worth almost $5 billion, putting the firm in profit territory.
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Featured image from Coingape, chart from TradingView.com
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March 10, 2022
Here’s How Much Bitcoin Michael Saylor Holds
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Michael Saylor is one of the most vocal supporters of bitcoin and is CEO of MicroStrategy, the company with the largest bitcoin holdings in the world. The CEO has always been a big proponent of the digital asset, taking both a personal and professional stake in the asset.

Saylor had revealed in 2020 that he holds over 17,000 BTC. At this time, bitcoin was still trading below $30,000 and Saylor had said that he got all of his holdings for an average of $9,882. Bitcoin has since grown over 100% since the CEO made his big reveal, pushing the value of Saylor’s holdings to almost $1 billion.

Related Reading | December Turns Red For Bitcoin As Market-Wide Sell-Offs Continue

How Much Is Saylor’s BTC Worth?

Michael Saylor told The Information that he does not believe that anyone should sell any of their bitcoin and that he has actually never sold any of his bitcoin. In his 2020 reveal, he said that he held a total of $17,732 BTC, all of which he had purchased before his company MicroStrategy, had purchased its first bitcoin. At an average trading price of $13,900, Saylor’s holdings were worth a little over $246 million.

“Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself.”

Bitcoin is now trading significantly higher than it was when Saylor had made his big reveal, growing as high as $69k at his peak. Presently, the price of BTC is revolving around $48,000. At this present value, the CEO’s bitcoin holdings are now worth over $850 million.
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BTC begins recovery trend | Source: BTCUSD on TradingView.com
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He intends to continue holding these coins as he believes that bitcoin is headed for $6 million apiece. This means that the CEO still expects the cryptocurrency to grow another 12,000% from its current value.

How Much Bitcoin Does MicroStrategy Own?

MicroStrategy boasts the largest bitcoin holdings of any public company. The company had begun accumulating bitcoin in 2019 and has since garnered 122,478 as of its last purchase, bringing the total value of its holdings to over $6.1 billion. All of its BTC were purchased at an average price of $29,861, putting the company firmly in profit at the current value of the asset.

Related Reading | Crypto Research Analyst Puts Ethereum At $9,000 In Six Months

However, its CEO had begun purchasing bitcoin before the company. Saylor revealed that he had all of his BTC before MicroStrategy had bought its first bitcoin, adding that his personal holdings were shown to convince the company to begin investing in the digital asset.

The company, like its CEO, has no plans to sell is BTC. Instead, it has begun looking towards new ways to generate yield from the investment, which Saylor revealed at an investor day presentation held last week.
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Featured image from Business Insider, chart from TradingView.com
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December 24, 2021
“ONE QUESTION, WHAT’S THE ENDGAME”; TIM DRAPER & MICHAEL SAYLOR TO DISCUSS AT LA BLOCKCHAIN SUMMIT | by Bit Media Buzz | Nov, 2021

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Herculean HODLers, Tim Draper and Michael Saylor, to offer insight into life after accumulation.

LOS ANGELES, CA — November 1, 2021 — Draper Goren Holm, early-stage blockchain venture capital fund and producers of the world’s largest blockchain and cryptocurrency conference, LA Blockchain Summit, announced today that Tim Draper, Founder and Managing Partner of Draper Associates, and Michael Saylor, Founder and CEO of MicroStrategy, will host a fireside chat with one another at the all virtual 8th edition of LA Blockchain Summit, November 2–4. These two Titans of Bitcoin will share insight into what life might look like in a post-BTC accumulation world. Tickets to the Summit are entirely free and another crypto giveaway is underway courtesy of title sponsor ABRA.

ABRA will be joined by other industry heavyweights such as Robinhood, LunarCRUSH, H2CryptO, Simetria, PLENTY, Rivet, Kalamint, StableTech, SuperWorld, AKRU, Amber Group, Ownera, Sensorium, Degens, TradeStation Crypto, Copper Technologies, Cosmos & Starport, Giftz, PrimeDAO, GSX, Litecoin, Stacks Foundation, Stellar Development Foundation, Tezos, Casper Association, Tron, INX, Only1, SupraFin, unFederal Reserve and more. Virtual booths will be available for attendees to interact with each sponsor throughout the event.

The agenda for LA Blockchain Summit will feature a variety of blockchain and cryptocurrency related themes including development, NFTs, enterprise blockchain, investment analysis, marketing strategies, tokenized securities, stablecoins, as well as trends and insights from industry experts such as the Former SEC Chairman John Clayton, current Security & Exchange Commission’s Hester Peirce, Congressional Blockchain Caucus’ Rep. Tom Emmer, Skybridge Capital’s Anthony Scaramucci, Ropart Asset Management’s Todd Goergen, DMCC’s Ahmed Bin Sulayem, Robinhood Crypto’s Johann Kerbrat, and McLaren Racing’s Lindsey Eckhouse..

Be a part of this year’s event by claiming your free virtual ticket today while taking advantage of this year’s crypto giveaway at lablockchainsummit.com/giveaway.

About Draper Goren Holm

Draper Goren Holm, a partnership between Tim Draper, Alon Goren, and Josef Holm, is a venture studio and fund focused on accelerating and incubating early-stage blockchain and fintech startups, while simultaneously producing the industry’s top cryptocurrency events, Security Token Summit, Global DeFi Summit and LA Blockchain Summit. Portfolio companies include LunarCRUSH, Plenty Defi, Tezos Stable Technologies, Totle, Ownera, Degens, Giftz, Vertalo, CasperLabs, Rivet, Simetria and more. More information can be found at https://drapergorenholm.com.

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November 1, 2021