Bitcoin billionaire and MicroStrategy CEO Michael Saylor says that we can bet on Bitcoin eventually reaching an 8 figure price tag.
In an interview with Bitcoin Magazine, Saylor speaks on the need for competition in the Bitcoin industry, such as for wallets, exchanges, securities and mining. But the billionaire also notes that with such a high failure rate of new enterprises, businesses hoping to succeed in the ecosystem have to be fully bullish on Bitcoin, and keep BTC as a hedge against their own failure.
“If you’re mining Bitcoin, you never want to sell any Bitcoin, and if you raised money, you want to buy Bitcoin with the money you raise and then you want to borrow against the Bitcoin to pay the operating expenses. If you do that, if you believe in Bitcoin it’s obvious. If you don’t believe in Bitcoin maybe you shouldn’t be in the business… If you don’t think Bitcoin is going to $1,000,000 a coin and then $10,000,000 a coin, I don’t think you should be a Bitcoin miner, I don’t think you should be a Bitcoin exchange, I don’t think you should be Bitcoin wallet…
If you think it’s not going to zero, then rational thinking is ‘the competition in the market is making my Bitcoin more valuable, that’s good. But the competition is making my existing business less profitable, that’s bad. If I’m a genius and I execute well, maybe I can stay ahead of everybody else. Maybe. But while I’m doing that, every single free dollar I can raise I should be converting to Bitcoin, because out of a hundred possibilities, there’s 99 paths where you fail and Bitcoin succeeds, and there’s one path where you succeed and Bitcoin succeeds.”
Saylor practices what he preaches. At the time of writing, business intelligence giant MicroStrategy has the largest known corporate treasury of Bitcoin. According to bitcointreasuries.com, MicroStrategy owns 114,042 Bitcoin. The company’s Satoshi stack is worth over $6.5 billion, and comprises of about 0.54% of the 21 million in existence.
Saylor started hoarding BTC for MicroStrategy in August of 2020 when BTC was roughly $10,000. Since then, there have been multiple additional purchases, much of them finance by debt offerings. The CEO says he grows more confident in the move as time goes by.
“I thought was a good idea in August of 2020, there’s every single month for the past 13 months there have been fundamental developments in the space that have made it a better idea. Every single month, every week I almost see a new development that makes the network stronger, smarter, faster, harder. It makes it more anti-fragile… It becomes clearer and clearer that this is the future of digital property, this is digital energy…”