The CEO of MicroStrategy Michael Saylor is known for his love of cryptocurrencies. Especially Bitcoin which he believes to be one of the best performing assets out there.
In his new tweet, he reiterates his passion for BTC: “ On August 11, 2020, @MicroStrategy embarked on its #Bitcoin Strategy, acquiring 21,454 bitcoins at an aggregate purchase price of $250 million. Performance since that time of BTC is +83%, $MSTR is +79%, S&P is +16%, Nasdaq is +6%, Gold is -14%, Bonds is -16%, and Silver is -33%.”
Source: Twitter
The tweet prompted many responses, both supportive and critical. One of the most curious is authored by Eric Weiss, the Founder & Chief Investment Officer at the Blockchain Investment Group LP, who tagged the well-known Bitcoin critic and gold fan Peter Schiff, asking him:
Please explain to the class why gold has, and continues to, perform so poorly in the presence of such significant global inflation?
Schiff, however, did not provide an explanation, delving into elaborating why things went wrong with his Puerto Rico Bank instead, insisting that it was not put into receivership for being insolvent but because it was under-capitalized.
Saylor’s devotion to BTC is one of the most prominent. His Twitter feed is almost entirely devoted to Bitcoin, with MicroStrategy’s CEO refuting the claims that the mother-of-all-cryptocurrencies is a volatile asset. In one of his recent interviews, he underscored that everything depends on the time horizon you are looking at. If it is short, then probably BTC is not the best buy.
But if your time horizon is 10 years, it looks like a risk-off store of value asset, so the crossover point is four years. Nobody’s ever lost money investing in Bitcoin for four years.he said.
