“We really felt we were on a $500M melting ice cube,” says Microstrategy (NASDAQ:MSTR) CEO Michael Saylor. “Once the real yield on our treasury got to more than negative 10%, we realized that everything we are doing on P&L is irrelevant.”
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” he says, noting gold continues to be mined, while there’s a finite amount of Bitcoin that might ever be issued.
Saylor owns 73% of the voting stock of Microstrategy.
Not necessarily a hardcore hodler, Saylor says he’d have little issue selling his Bitcoin and re-buying government paper should yields move sharply higher.
Previously: MicroStrategy Bitcoin buys now total $425M (Sept. 15)