MicroStrategy chairman Michael Saylor is doubling down on his belief in Bitcoin, likening the cryptocurrency to the iconic real estate of New York City. In a recent CNBC interview with Money Movers, Saylor referred to Bitcoin as the “Cyber Manhattan” of the digital age, emphasizing that investing in the digital currency is akin to buying Manhattan real estate at any point in the last 300 years.
Saylor’s comparison comes as MicroStrategy continues to amass one of the largest corporate Bitcoin holdings in the world, currently totaling 439,000 BTC, valued at around $46 billion. The company has funded these purchases by taking on debt, a strategy Saylor defends by drawing parallels to real estate developers in Manhattan who have historically used debt to expand their properties.
The upcoming induction of MicroStrategy into the prestigious Nasdaq-100 Index on December 23 is another significant milestone for the company. This move will also place MicroStrategy in the widely followed Invesco QQQ Trust ETF, bringing even more institutional attention to the company’s Bitcoin holdings.
The positive sentiment surrounding Bitcoin and MicroStrategy’s digital asset strategy was reflected in the market when Bitcoin hit a new record high of $107,162 on Monday. MicroStrategy’s stock jumped more than 5% in response, indicating growing investor confidence in the company’s approach to cryptocurrency investment.
Despite Saylor’s bullish outlook on Bitcoin, some critics have labeled MicroStrategy’s Bitcoin strategy as a “Ponzi scheme” due to its reliance on debt. Saylor dismisses these claims, asserting that Bitcoin is a long-term stable economic asset, much like the city of Manhattan itself.
Overall, Saylor’s comparison of Bitcoin to Cyber Manhattan underscores his unwavering belief in the digital currency’s potential as a sound investment. As MicroStrategy continues to expand its Bitcoin holdings and gain recognition in the financial markets, Saylor’s vision for the future of cryptocurrency remains steadfast.