MicroStrategy CEO Michael Saylor, whose software company owns about $6 billion worth of bitcoin, said the cryptocurrency doesn’t need Warren Buffett’s endorsement to be wildly successful.
Buffett dismissed cryptocurrencies last year as basically worthless because they don’t produce anything. Saylor highlighted the criticism from the famed investor and Berkshire Hathaway CEO during a presentation at MicroStrategy’s virtual investor day this week.
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MicroStrategy is the largest corporate owner of bitcoin, now holding 121,044 BTC worth about $3.6 billion at an average purchase price of roughly $29,534 each. CEO Michael Saylor shares insights into his vision and buying strategy for bitcoin, discussing the potential impact of inflation and regulation. “I think eventually, bitcoin as an asset class becomes a $100 trillion asset class,” Saylor said. “It replaces gold … bond portfolios … why can’t it grow by a factor of 100?”
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