Bitcoin bull Michael Saylor says MicroStrategy will continue to use cash, debt, or equity to keep adding to its trove of bitcoin
- MicroStrategy will keep buying bitcoin with either cash flows, debt or equity, said CEO
Michael Saylorin a CNBC interview.
- Saylor said the 'killer use-case' for bitcoin is a storer of value in the face of rising inflation.
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."
- Nifty, Sensex witness volatility, IT stocks under pressure
- Pro-Khalistani protests held outside Indian diplomatic missions in Canada
- Indian NGOs registered under FCRA will have to give details of foreign funds now
- The 100-bagger stocks that survived the test of time and market cycles over 20 years
- Looking to travel abroad? 5 tips to help you save on airfare