Michael Saylor used to have extreme skepticism and criticism towards Bitcoin and other cryptocurrencies. However, he saw the opportunity here before the last bull season and made the decision to switch sides. Today, Saylor’s company has billions of dollars worth of Bitcoin reserves. Moreover, MicroStrategy’s stock is being treated like a spot Bitcoin ETF.
Michael Saylor’s Bitcoin Commentary
Michael Saylor from MicroStrategy recently expressed his view on big companies buying Bitcoin and then centralizing it on a podcast he attended. In the Coin Stories podcast, which was released on August 7th, the biggest Bitcoin bull, Saylor, addressed the conspiracy theories that emerged after BlackRock.
BlackRock is the world’s largest asset management company and its purpose is to manage its customers’ assets. However, some popular social media accounts made absurd claims that this company would take over Bitcoin with the approval of an ETF. Their opinion was considered ridiculous by most investors, as a significant portion of the supply is distributed among wallets with less than 1 BTC and a massive amount of supply is left in forgotten wallets.
Saylor argues that the institutional adoption of the king of cryptocurrencies will rapidly increase and that it is inevitable.
Apple, BofA, and Bitcoin
Saylor believes that the world’s largest companies should serve as custodians in the crypto space for three reasons: technical, political, and natural. He summarized these reasons as the factors that will compel today’s giants like Apple and Bank of America to establish crypto divisions in the future.
“As long as you don’t escape from New York City, California, or Iceland, there is a need for custodians due to political reasons. Bitcoin will be a foundational layer. There will be layer 2 solutions like Lightning to speed things up. Then, there will be third layers like Bank of America and Apple. The third layer will exist to provide functionality if the storage layer is the third.”
When it comes to natural reasons, Saylor suggested the possibility that some people may find it safer for their assets to be held by others. He gave the example of an 85-year-old person struggling with Alzheimer’s or the desire to secure assets for an unborn grandchild.
“When I was twelve, I didn’t complain about the car keys being with my mom and dad, and I didn’t take the car keys.”
