MicroStrategy CEO and Bitcoin bull Michael Saylor says buying Bitcoin could save Tesla and other Fortune 500 companies billions of dollars.
Saylor’s business intelligence firm, MicroStrategy, aims to own over $1 billion worth of Bitcoin and he suggests that other companies with billions in cash reserves follow their lead.
In an interview with HyperChange, Saylor warns that companies like Tesla with billions of dollars in cash reserves should be racing to buy Bitcoin. If they don’t, they stand to lose half that spending power in the next three years, says the Bitcoin advocate.
“[Big companies are] eventually going to need [Bitcoin]. You’ve got $20 billion dollars worth of monetary energy today. It’s losing 15% of its purchasing power a year. You’re going to lose half of that energy in 36 months unless you protect it.
If you put it into Bitcoin, instead of losing half your purchasing power, you can reasonably expect to double your purchasing power every year for the next three years, so why not put $1 billion in and it’ll be worth $8 billion in three years. If you keep all the money, you’re guaranteed to lose $10 billion in purchasing power. It’s a guarantee…
If Tesla puts $1 billion dollars [into Bitcoin] they will double their money within 12 months. If they put $2 billion in, they will probably generate a $10-billion gain. By the way, anybody could do it. If you’re a billionaire hedge fund guy, you put a billion into Bitcoin, just put it out on the wire and say you did it.”
Saylor highlights that Bitcoin, unlike many other assets, becomes less risky as its price increases.
Firms like Tesla should seriously consider jumping into the king of crypto now, says Saylor, because as each new company seeks to invest $1 billion into BTC, the next company to follow suit will be paying double for it.