MicroStrategy's Michael Saylor Calls Bitcoin The 'Manhattan In Cyberspace,' Says It's An Asset You Could Expect To 'Last 1,000 Years'

Benzinga11-30

Michael Saylor, executive chairman and co-founder of MicroStrategy MSTR, likened Bitcoin to “Manhattan in cyberspace,” describing it as a long-lasting asset in an interview on Wednesday. What Happened...

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I'm putting my money in cyberspace, and I want to transform the capital from financial and physical to digital,\" Saylor said.\n\"It is indestructible, immortal, invisible, and you don't have all the things that drag down the value of a building. So think of it as Manhattan in cyberspace.\"\nSaylor called the flow of money into Bitcoin to a flow of money from the 20th century to the 21st.\nMicroStrategy’s strategy of leveraging Bitcoin has significantly impacted its stock performance. The company’s shares have surged 465% year-to-date, vastly outperforming the S&P 500’s 27% gain.\nOver the past two years, MicroStrategy’s stock has climbed an astonishing 1,773%, compared to the index’s 48% rise, according to Barron’s.\nSee Also: Remember James Howells Who Lost His Hard Drive With 8,000 Bitcoins Now Worth $760M? His Ex-Girlfriend Reveals It Was She Who Threw It Away\nSaylor also discussed MicroStrategy’s capital-raising plan, which includes issuing stock to purchase Bitcoin. He stated that this approach allows the company to benefit from Bitcoin’s growth, which he believes yields more than the S&P 500.\nAs for MicroStrategy's primary product, Saylor said it's now actually a “Bitcoin treasury company,” with its treasury operations significantly outpacing its software business in terms of earnings.\nWhy It Matters:  Saylor has been a prominent advocate for Bitcoin, consistently promoting its potential as a valuable asset. In a recent interview, he revealed that MicroStrategy is generating $500 million daily from Bitcoin as its value nears $100,000.\nSaylor has also been vocal about the opportunity cost of not investing in Bitcoin. He criticized Warren Buffett for not utilizing Berkshire Hathaway’s cash reserves to invest in Bitcoin, suggesting that it has resulted in significant capital destruction.\nMoreover, Saylor’s approach to Bitcoin has positioned MicroStrategy as a key player in the Bitcoin space, branding it as the “public equity play on Bitcoin maximalism.\"\nPrice Action: MicroStrategy's stock closed at $387.47 on Friday, falling slightly by 0.35%. Year-to-date, the stock has gained 465%, according to Benzinga Pro data.\nThe MicroStrategy stock has a consensus rating of \"Buy.\" The highest price target is $690, while the consensus price target is $449.50, implying a 16% upside.\nRead Next:\n\nWarren Buffett Says Parents Should Do This One Thing Before They Die, Whether They Are Rich Or Not\n\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto courtesy: Michael Saylor / MicroStrategyMarket News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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