MicroStrategy CEO Michael Saylor on Friday defended his enterprise software program firm’s debt-financed Bitcoin purchases, telling CNBC that he noticed shopping for the cryptocurrency proper now as akin to investing in Fb within the early days of the social community.
He stated:
“We now have $ 2.2 billion in debt and pay round 1.5% curiosity, and we now have a really very long time horizon,” stated Saylor on Squawk on the Avenue. “Our place is that being a leveraged, bitcoin lengthy firm is an efficient factor for our shareholders.
For those who borrow billions of {dollars} at 1% rate of interest and spend money on the subsequent massive tech digital community that you just thought can be the dominant Amazon or Google or Fb, why not? stated Saylor. “I imply, if I might borrow a billion {dollars} a decade in the past and purchase Fb for 1% curiosity, I’d have carried out fairly effectively.
Everyone seems to be in search of this open means of storing and transferring values utilizing a pc chip and mobile phone on the velocity of sunshine, ”stated Saylor. “You had Google. They made digital books. They’d Fb; They created digital communication. Apple gave us digital music and Amazon gave us digital retail. Bitcoin is digitally owned on a giant tech open forex community.
In our view, it is just a matter of time earlier than billions and billions of individuals put cell telephones in Bitcoin, and we simply wish to be there first. “
