In a recent tweet, MicroStrategy CEO Michael Saylor referred to Bitcoin as a crypto asset network. Noting stablecoins and Ethereum (ETH) as “crypto-application networks,” Saylor said BTC is dominating the digital asset space.
Also, in the tweet, the Bitcoin maximalist posted a chart and added:
“…bitcoin dominance has advanced from a low of 71.05% on December 20, 2017 to 93.57% today [20th of September].”
Before now, MicroStrategy and its CEO had criticized Bitcoin in the past. In December 2013, Saylor posted a tweet that there would soon be an end to Bitcoin’s existence.
However, the company has been purchasing large quantities of BTC and even declared the digital coin as its primary reserve asset.
In August, the mobile intelligence company acquired 21,454 BTC worth $250 million. Shortly after, Saylor said that MicroStrategy had acquired 16,796 additional BTC worth $175 million. According to the CEO, the company completed the transaction on the 14th of September. In total, the company owns 38,250 BTC.
On the 16th of September, Saylor said he had forgotten he once criticized Bitcoin in a tweet. Speaking to Anthony Pompliano in a podcast interview, he admitted to being wrong about BTC and the crypto industry.
Furthermore, the CEO revealed that the decision to buy BTC was because the company has $500 million in cash and needs to invest to preserve its value.
Expressing his belief in the crypto asset as a better investment than gold, Saylor added:
“Bitcoin is an anti-fragile, evolving thing. It’s the hardest currency because it’s getting continually exponentially harder, but it’s also smarter, stronger and faster than gold.”
Image Credits: Pixabay