Michael Saylor, founder and chairman of MicroStrategy, made headlines on Monday by likening Bitcoin to New York City, referring to it as “cyber Manhattan.” His comments came as Bitcoin reached a new all-time high of $107,162.64, according to Coin Metrics.
Investment Philosophy
During an appearance on CNBC’s “Money Movers,” Saylor expressed his unwavering commitment to Bitcoin, stating, “We’ll just keep buying the top forever; every day is a good day to buy Bitcoin.” He drew parallels between investing in Bitcoin and purchasing Manhattan throughout history, asserting, “You pay a little bit more than the person that bought Manhattan before you, but it’s always a good investment to invest in the economic capital of the free world.”
MicroStrategy Nasdaq Inclusion
Saylor’s remarks are particularly timely as MicroStrategy prepares for its inclusion in the Nasdaq-100 index on December 23. This move will also integrate MicroStrategy into the popular Invesco QQQ Trust ETF, which tracks the Nasdaq-100.
On the same day, MicroStrategy’s shares surged by over 5%. The company has been actively adding Bitcoin to its balance sheet since 2020, recently announcing the purchase of an additional 15,350 BTC, bringing its total holdings to 439,000 BTC valued at approximately $46 billion.
Addressing Criticism
Saylor has faced criticism from those who label MicroStrategy’s Bitcoin acquisition strategy as a Ponzi scheme. In response, he likened the company’s strategy to real estate development in Manhattan. “Just like developers in Manhattan, every time real estate goes up in value, they issue more debt to develop more real estate,” he explained. “That’s why your buildings are so tall in New York City; it’s been going on for 350 years. I would call it an economy.”
Conclusion
As Bitcoin continues to gain traction and MicroStrategy solidifies its position as a major player in the cryptocurrency space, Saylor’s optimism reflects a growing belief in Bitcoin’s potential as a long-term investment. His comparison of Bitcoin to Manhattan underscores his view of cryptocurrency as a cornerstone of the modern financial landscape.
