Bitcoin is not simply crypto that may thrive
Michael Saylor, CEO of MicroStrategy, told CNBC on Tuesday that he sees a bright future for a number of cryptocurrencies, not just Bitcoin.
Saylor, one of the most vocal advocates of Bitcoin, raised his company’s profile for enterprise software last year by investing heavily in the world’s largest cryptocurrency by market value.
In an interview with Fast Money on Tuesday, Saylor said that different cryptocurrencies serve different purposes, but it may take some time for newcomers to the digital asset world to see these differences.
For example, Saylor said, he sees Bitcoin as “digital property” and a store of value, while Ether and the Ethereum blockchain are trying to disrupt traditional finance.
“You will want your buildings to be built on solid granite foundations, so Bitcoin is made to last – high integrity, very durable. Ethereum is trying to dematerialize the exchange and the financial institution, ”said Saylor. “I think when the market starts to understand these things there is a place for everyone.”
Read more about cryptocurrencies from CNBC Pro
MicroStrategy announced on Monday that it recently closed a bond offer with the intention of using the proceeds to buy more Bitcoin.
The company also announced Monday that it is launching a program to sell $ 1 billion worth of additional shares over time. Saylor told CNBC the company could use cash from the stock offering to buy Bitcoin, reduce debt, or for general corporate purposes.
MicroStrategy stocks are up 62% so far this year and more than 400% in the past 12 months.
The stock closed at $ 630.54 on Tuesday, up more than 5% from the session. It hit a 52-week high in February when it was trading above $ 1,300.