Michael Saylor of MicroStrategy calls Bitcoin the ‘Manhattan in Cyberspace,’ saying it may ‘Last 1,000 Years’

In an interview on Wednesday, Michael Saylor, executive chairman and co-founder of MicroStrategy (MSTR), compared Bitcoin to “Manhattan in cyberspace” and described it as a “long-lasting asset.”

In an interview with Barron’s, Saylor underscored the distinctive characteristics of Bitcoin, emphasizing its regulated supply and its status as a global, digital commodity.

“It is immortal, indestructible, and invisible, and it lacks all the attributes that diminish the value of a building.” Therefore, consider it to be Manhattan in cyberspace.

Saylor characterized the inflow of funds into Bitcoin as a transfer of funds from the 20th century to the 21st century.

MicroStrategy’s stock performance has been considerably influenced by its strategy of utilizing Bitcoin. The company’s shares have increased by 465% year-to-date, significantly surpassing the S&P 500’s 27% increase.

Barron’s has reported that MicroStrategy’s stock has increased by an extraordinary 1,773% in the past two years, in contrast to the index’s 48% increase.

Saylor also addressed MicroStrategy’s capital-raising strategy, which involves the issuance of stock to acquire Bitcoin. He stated that this approach enables the company to benefit from Bitcoin’s development, which he believes yields more than the S&P 500.

In terms of MicroStrategy’s primary product, Saylor stated that it is now a “Bitcoin treasury company,” with its treasury operations substantially outpacing its software business for profitability.

Saylor has also made no secret of the fact that passing up Bitcoin investment opportunities costs money. He criticized Warren Buffett for failing to invest Berkshire Hathaway’s cash reserves in Bitcoin, arguing that this has led to substantial capital destruction.

Additionally, Saylor’s Bitcoin strategy has established MicroStrategy as a significant participant in the Bitcoin sector, referring to it as the “public equity play on Bitcoin maximalism.”

On Friday, MicroStrategy’s stock closed at $387.47, a minor decrease of 0.35%. According to data from Benzinga Pro, the stock has experienced a 465% increase year-to-date.

The stock of MicroStrategy has a consensus rating of “Buy.” The consensus price target is $449.50, indicating a 16% increase, while the highest price target is $690.

Also Read: OKX Introduces Crypto Trading Services in Belgium