Strategy Inc. (NASDAQ:MSTR) Executive Chair Michael Saylor shared his thoughts Monday on the “strongest argument” against Bitcoin (CRYPTO: BTC) and why he rejects it.
Saylor Claims Investors Wary Of BTC’s Novelty
Speaking to Bitcoin influencer Natalie Brunell, Saylor argued that the strongest opposition to Bitcoin stems from its novelty.
“It’s new, and as new it’s not [worth it]. It’s only been around for a number of years and maybe I want to before I trust my entire life to it. I want to see it around longer,” the Bitcoin bull said, explaining how hesitant investors think.
‘Profound Innovations’ Take Time, Says Saylot
Saylor drew a parallel between Bitcoin and the early days of electricity and airplanes.
“It took 30 years people to embrace electricity. Bitcoin’s been around for 17 years,” he said. “The airplane is 1903. How many people had flown in a passenger jet or passenger airline by 1920?”
Saylor argued that “profound innovations” take time but are ultimately embraced by society. He added that all technolgies follow a natural cycle, involving introduction, commercialization and then having “enough track record” to appeal to the general public.
“I think we’re in that process of commercialization now,” Saylor said with regard to Bitcoin.
Strategy Maintains BTC Buying Spree
Saylor remains a staunch supporter of Bitcoin, and his company, Strategy, is completing its 100th BTC acquisition since adopting a crypto treasury strategy.
The firm’s total holdings stood at 717,722 BTC acquired for $54.56 billion at an average price of $76,020 per coin. With Bitcoin trading below $64,000, the firm’s position has turned red, amounting to unrealized losses of roughly $9 billion.
Despite the drawdown, Saylor remains optimistic about the future of Bitcoin. Last week, he said that the ongoing “crypto winter” feels milder than past ones and will soon give way to a spring followed by a “glorious summer.”
Price Action: At the time of writing, BTC was exchanging hands at $63,679.82, down 1.63% over the last 24 hours, according to data from Benzinga Pro.
MSTR shares rose 0.39% in after-hours trading after closing 5.60% lower at $123.71 during Monday’s regular trading session.
The stock shows weak price momentum across the short-, medium-, and long-term, earning a very low Momentum score in Benzinga’s Edge Stock Rankings.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo: Memory Stockphoto / Shutterstock
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