According to Saylor, that is just sound business, likening it to New York developers who have issued debt for centuries to grow the city’s skyline.
Dishita Malvania
MicroStrategy chairman Michael Saylor is as invested in Bitcoin as ever, and he is calling the cryptocurrency the “Cyber Manhattan” of the digital age. He recently compared Bitcoin to New York City real estate in a CNBC interview with Money Movers, saying that investing in Bitcoin today is akin to buying Manhattan at any point in the last 300 years.
Every day is a good day to buy Bitcoin,” he said, pressing that, like real estate in Manhattan, Bitcoin is always a sound investment.
Since 2020, MicroStrategy has been accumulating one of the largest corporate Bitcoin holdings in the world and now totals 439,000 BTC, worth around $46 billion. The company funded those purchases by taking on debt, as real estate developers have done to expand their properties for centuries.
According to Saylor, that is just sound business, likening it to New York developers who have issued debt for centuries to grow the city’s skyline.
On December 23, MicroStrategy will be inducted into the prestigious Nasdaq-100 Index, yet another milestone for the company. This will also put it in the widely followed Invesco QQQ Trust ETF, bringing even more institutional attention to MicroStrategy’s Bitcoin holdings.
On Monday, when Bitcoin hit a new record high of $107,162, MicroStrategy’s stock jumped more than 5%, reflecting growing investor confidence in the company’s digital asset strategy.
Saylor’s positive sentiment on Bitcoin has not been without his critics. Some have described MicroStrategy’s Bitcoin strategy as a “Ponzi scheme” because it depends on debt. Saylor dismisses these claims, drawing comparisons between Bitcoin and real estate development in Manhattan. He considers Bitcoin as a long-term stable economic asset, much like the city itself.
Also Read: Sell Gold, Buy Bitcoin: Michael Saylor lays plan to attack BRICS
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