- MicroStrategy’s Michael Saylor has advised people to buy Bitcoin before losing 93% of their wealth.
- Saylor made this Twitter (NYSE:TWTR) post in reference to the chronic financial crisis in Lebanon.
- Lebanon’s plan to curb the financial meltdown may cause it to lose 93% of its national currency’s value.
In light of the continuing financial crisis in Lebanon, MicroStrategy CEO Michael Saylor tweeted that people all over the world should own Bitcoin before they lose 93% of their wealth.
Don’t wait until you lose 93% of your wealth to buy #bitcoin.https://t.co/qQiODbWDrl— Michael Saylor (@saylor) February 2, 2022
In context, Saylor gave the advice to provide an illustration of the flaws in the current financial system. For many years, Lebanon has been suffering a financial meltdown, in which the government is planning to resolve the crisis. However, this may see a 93% devaluation of the Lebanese pound as a consequence.
Meanwhile, Saylor has long been a staunch Bitcoin supporter. His company MicroStrategy recently bought 660 Bitcoin tokens at the time of the crypto market dip. At present, the company holds 125,051 bitcoins, which equals $3.8 billion. The company is acclaimed to be the world’s largest publicly-traded entity that owns bitcoins.
MicroStrategy has purchased an additional 660 bitcoins for ~$25.0 million in cash at an average price of ~$37,865 per #bitcoin. As of 1/31/22 we #hodl ~125,051 bitcoins acquired for ~$3.78 billion at an average price of ~$30,200 per bitcoin. $MSTRhttps://t.co/bF6VImC0Qy— Michael Saylor (@saylor) February 1, 2022
Earlier, Saylor said:
“In a world where, say, Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) and Merrill Lynch and Bank of America (NYSE:BAC) and CitiGroup and JPMorgan (NYSE:JPM) are interested and involved in the space, I think the options that will be available to us will be greater and the counter-party risk that we would have to incur will be less,
Saylor also mentioned that each cryptocurrency has its own purposes. He sees bitcoin as a ‘’digital property’’ and a store of value, whereas Ethereum blockchain seems to interrupt traditional finance.