MicroStrategy CEO Michael Saylor has defended his company’s recent debt-fuelled purchase of Bitcoin (BTC). During an interview with CNBC, the entrepreneur likened buying cryptocurrencies to making an early-stage investment in tech stocks such as Facebook. Saylor is a well-known Bitcoin advocate who has reinforced his commitment to the pioneer crypto time and again. His company currently holds one of the largest BTC reserves in the corporate sector with more than 105,000 coins. Despite reporting impairment losses of $424.8 million, the company intends to double-down on Bitcoin accumulation. Michael Saylor Compares Debt-Financed BTC Buys With Early Tech Investment In Saylor’s view, investments in Bitcoin at this point are more or less similar to purchasing Facebook stocks in the early days. “If you borrow billions of dollars at 1% interest and invest it in the next Big Tech digital network that you thought was going to be the dominant Amazon or Google or Facebook of money, why wouldn’t you? I mean, if I could borrow $1 billion and buy Facebook a decade ago for 1% interest, I think I would’ve done quite well,” he said on the television news channel. Earlier this year, MicroStrategy announced that it was selling its convertible debt via senior secured notes to buy another stash of Bitcoin for its stockpile. The offering was completed in June and the company raised $500 million from the offering. Shortly after, the company revealed in an SEC filing that it was selling common shares worth $1 billion to gather more funds for additional BTC investment. Predictably, Saylor has become a central figure in the Bitcoin community who continues to spread the gospel of the crypto to many other investors around the world. Everyone Wants to Access the New Store of Value: Saylor For HODLers like Saylor, Bitcoin is the next big thing that will change the world drastically. It is an investment instrument, a store of value, and a transparent monetary network free from the pitfalls that affect traditional finance. Commenting on the demand for the digital asset, Saylor said, “Everybody is looking for this open way to store value and move value at the speed of light using a computer chip and a mobile phone.” He added, “Our view is it’s only a matter of time before billions and billions of people have mobile phones pugged into bitcoin, and we just want to be there first.” In further support of MicroStrategy’s BTC backing, Saylor emphasized that Bitcoin had helped the company’s business intelligence operations. This could be corroborated by MicroStrategy’s total revenue, which surged up to 13% since the last year, amounting to $125.4 million.
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