Michael Saylor has defended MicroStrategy’s decision to invest heavily in Bitcoin — declaring he “can’t come up with a better idea” given how the cryptocurrency has outperformed other asset classes.
Speaking to CNBC, the CEO said no one who has ever invested in BTC for four years has lost money, adding: “Bitcoin’s on sale.”
Saylor believes the current market represents a “great buying opportunity” and an “ideal entry point” — and pushed back on claims that MicroStrategy was taking a risk by accruing debt to increase its Bitcoin holdings.
Damping down fears surrounding the $205 million loan that the business intelligence firm has with SIlvergate Bank, which is backed by Bitcoin, he said MicroStrategy is “10x overcollateralized right now.”
“The margin call thing is much ado about nothing. It’s just made me Twitter famous, so I appreciate that. And the Twitter trolls love to beat up on me because it gets them engagement.”Michael Saylor
Saylor went on to stress that the margin loan is “well-managed” — and his company is “comfortable” thanks to a fortress balance sheet.
Bitcoin bounced off lows of $20,178 in the wake of the Federal Reserve confirming that its base interest rate will rise by three-quarters of a percentage point.
At the time of writing, BTC price is $20,655.92.