Michael Saylor has said he has no plans to dump Bitcoin (BTC) for a better yielding asset. The MicroStrategy CEO made the comments in response to stories circulating in the mainstream media, and picked up by cryptocurrency publications, alleging that he’d ditch BTC for an asset with better yields.
Saylor has since called out what he describes as “creative journalism.” Indeed, according to his most recent tweets, the overnight BTC-legend still appears completely convinced of Bitcoin’s future relevance.
Forget What You Heard, Saylor’s No Plans to Liquid BTC Holdings
The suggestion that MicroStrategy’s Saylor would dump his recent Bitcoin holdings appears to originate with a Bloomberg article. It states that Saylor is “not a crypto diehard” and that he’d sell his position “if bond yields jump.”
Subsequently, cryptocurrency news publications picked up the story. This caused something of a backlash against Saylor:
The stories came as quite a shock to the cryptocurrency industry. Recently, Saylor became an instant legend thanks to his bold investment play.
Appearances on a huge number of podcasts since news of MicroStrategy’s BTC buying broke suggested to cryptocurrency proponents that Saylor had indeed done his homework. Starting with Anthony Pompliano, the CEO told various podcasters that he’s in Bitcoin for the long haul.
In fact, entrepreneur and consultant Brandon Quittem put together a Twitter thread of highlights from some of the interviews:
Subsequent tweets from Saylor himself seemed to confirm that the CEO has well and truly fallen down the proverbial rabbit hole:
Given Saylor’s ascent from being outside of cryptocurrency to overnight legendary status, “news” that he isn’t as committed to BTC as he claims initially shocked the industry. However, the stories prompted a response from the CEO:
In the following tweet, Saylor states that there’s “no truth” behind the recent headlines. He goes on to call the accusations “creative journalism.”
As if to hammer home his point, Saylor then tweeted about Bitcoin’s security versus gold’s. In last numerous podcast appearances, he made it clear that he believes BTC is superior to the precious metal thanks to both assets’ relative scarcity.
Referring to Bitcoin’s ever-growing hash rate, Saylor made the point that BTC is almost 20 trillion times more secure than it was in 2010. He juxtaposed this with gold’s own security history: