MicroStrategy CEO Michael Saylor told CNBC that bitcoin is not alone in having a bright future in the cryptocurrency space. However, the CEO believes that the sector must be built on “a solid footing of granite” in order to thrive.
- MicroStrategy CEO Michael Saylor said that bitcoin is not the only cryptocurrency that could have a bright future.
- Saylor noted that different cryptocurrencies have different use cases.
- “I think that as the market starts to understand these things, there’s a place for everybody,” he said.
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Being one of the most vocal bitcoin proponents since first entering the market, Saylor raised the profile of his enterprise software company by diving into the world top cryptocurrency by market cap.
In a Fast Money interview on Tuesday, Saylor said that cryptocurrencies serve different purposes, but it might take a while for newcomers to the space to figure out the differences between them. For instance, Saylor views bitcoin as “digital property” and a store of value, while Ethereum and its competitors are attempting to disrupt traditional finance. Other coins such as Litecoin compete with bitcoin on some level too, attempting to capture the digital silver market by having comparable properties.
“You’re going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the finance establishment,” Saylor said. “I think that as the market starts to understand these things, there’s a place for everybody.”
On Monday, MicroStrategy announced that it completed a debt offering with the intention of using proceeds to purchase even more bitcoin.
The firm also said that it is launching a program to sell $1 billion worth of additional stock in the future. Saylor teased CNBC, saying the firm might use the money from the stock offering to purchase bitcoin, to retire debt or for general corporate purposes.
So far, MicroStrategy shares are up about 62% this year and over 400% in the last 12 months.
In February, MSTR set a 52-week high when it traded above $1,300.
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