Michael Saylor shared his thoughts on Bitcoin during a Fireside Chat with Mike Costache at the AIBC Summit in Malta this November
Michael Saylor, a renowned Bitcoin evangelist and famous HODLer, shared his thoughts on Bitcoin investments, the future of digital power, and the potential it holds during the fireside chat with blockchain investor and entrepreneur Mike Costache. The conversation was hosted by the bitcoin mining solution GMT on November 17, 2021, as part of the AIBC Summit in Malta.
Saylor’s personal crypto holdings currently amount to 17,732 BTC (worth $1 billion.) Furthermore, his publicly-traded company MicroStrategy was the first to buy bitcoin for its balance sheet less than two years ago. Mike Costache called Saylor a “saviour” for the announcement of that first major purchase of 21,454 bitcoins for $250 million. It was in the middle of the pandemic, and Bitcoin was trading in the low $11,000 range. Currently, MicroStrategy holds 114,042 BTC (worth $6.8 billion.) During the fireside chat, Michael confirmed that more companies are now following his lead and predicted that this trend will continue.
Watch his fire side chat at the AIBC summit here:
Saylor’s approach to crypto investments, although straightforward, is not for the faint of heart. “I think the rational strategy is to buy the dominant asset, in this case, Bitcoin. Buy as much Bitcoin as you can, hold it forever, and ignore the market fluctuation,” he says. “The more you focus on it, the more it’s just going to give you anxiety.”
He illustrated his advice by suggesting that the attempts to exploit the crypto volatility should be left to professional traders, “With regard to any dominant network, for example, if you bought Amazon, Apple, Facebook, Google, if you bought bitcoin, the only mistake that you can ever make as an investor is to sell them.
The richest man in the world is still owning the stock that he owned twenty years ago or ten years ago. You don’t get rich by selling or trading. The way you get rich is by predicting the future and then buying the piece of the future and just holding it forever.”
The conversation also touched on the future of crypto in general. Michael named digital energy and digital property as by far the biggest opportunity in crypto and predicted its growth from a trillion dollars on Bitcoin to a hundred trillion dollars, and potentially, five hundred trillion dollars.
However, he also warned against fixating on the revolutionary aspects of crypto preaching, such as replacing governments and existing institutional structures with new crypto-based concepts: “That’s a beautiful dream, but I don’t think it’s going to happen in the next decade, and it might distract you from the evolutionary opportunity.”
While accentuating the evolutionary side of the blockchain potential, Saylor’s view on it is borderline revolutionary when he compares Bitcoin with the invention of electricity. “I look at where we are today, and it’s kind of like 1900 with electricity.
You’ve invented this electricity. You know you can put electricity into houses, and cars, and boats, and appliances. Some people are afraid of it, someone burned their house down with it, someone got shot by it, and the mathematics is kind of complicated. But you know it’s going to change the world. I feel the same way about digital energy. Bitcoin’s digital energy is going to change every government, every company. It’s going to change every family.”
On April 26, 2021, GMT launched its token backed by real computing power. The project’s goal is to simplify the mining process for everyone by handling the logistics, providing around-the-clock uninterrupted service, and securing energy-efficient consumption costs. There are currently over 17,000 GMT token holders receiving daily bitcoin mining rewards without the hurdles of the physical maintenance of the equipment.
During the first six months of the project’s existence, GMT increased the hash rate of the device park from 100,000 Th/s to almost 400,000 Th/s. The company’s strategy for the next two years is to take over 4% of the world’s BTC production and 20% in the long term.