Bitcoin bull Michael Saylor says MicroStrategy will continue to use cash, debt, or equity to keep adding to its trove of bitcoin | Currency News | Financial and Business News
- MicroStrategy will keep buying bitcoin with either cash flows, debt or equity, said CEO Michael Saylor in a CNBC interview.
- Saylor said the ‘killer use-case’ for bitcoin is a storer of value in the face of rising inflation.
- MicroStrategy’s bitcoin stockpile is now worth around $7 billion.
MicroStrategy will continue stockpiling bitcoin for years to come, and while the cryptocurrency’s price is volatile, “it’s going up forever,” CEO Michael Saylor told CNBC on Monday.
The bitcoin bull outlined his bullish outlook on the digital asset after a MicroStrategy regulatory filing last week showed the company bought 9,000 bitcoin in the quarter ended Sept. 30. The data analytics company’s bitcoin count stood at 114,042, and the stash was worth nearly $7 billion on Monday as bitcoin traded around $61,220.
Bitcoin in October notched a fresh record high above $67,000, coinciding with the launch of the first bitcoin-futures exchange-traded fund, the ProShares Bitcoin Strategy ETF.
MicroStrategy “will continue to acquire [bitcoin] quarter by quarter, time to time, either with cash flows or with debt or with equity, just depending upon market circumstances and what looks most accretive to our shareholders,” he said.
As for bitcoin’s price, “our view is it’ll be volatile because it’s plugged into the entire crypto market and it’s new, but it’s going up forever,” said Saylor.
“I’ve got a long-term view. I think for the decade, bitcoin is going to be the strongest, hardest, most technically forward storer of value in the economy,” he added, calling that the “killer use-case” as inflation rates for consumer and industrial goods soar
Another factor favoring bitcoin is that the regulatory landscape in the US has provided significant “clarity” over the last three months, he said.
“You can see support in Congress and the Senate, and you can see a very progressive administration. And most of the fears around the China crackdown are past us now. And with the bitcoin mining industry relocating to the US, I think it’s a very bullish outlook for the next 12 months,” he said. “I don’t think things could have gone better in the past quarter.”