Bitcoin: If you want to be wealthy, you must…

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If you want to hodl Bitcoin, you should do it with a tight fist – that is the message that many experts and Bitcoin enthusiasts have recently emphasised. Michael J Saylor, an entrepreneur, has repeatedly acted on the same. This industry expert not only bought the downturn at every opportunity, but he also presented a compelling argument for Bitcoin and cryptocurrencies.

Saylor saw another great chance to purchase additional Bitcoin to MicroStrategy’s portfolio a week ago, when the king coin fell to $31,000. It is impossible to deny that MicroStrategy and Saylor knew exactly when and how to purchase the Bitcoin drop. Yet again, Saylor struck a rather bullish tone on Bitcoin in a recent interview with analyst Benjamin Cowen.

 

When comparing Bitcoin to a large tech firm, the entrepreneur stated that BTC has “everything a large tech has, but it’s not a company and comes without the product risk.” He described BTC as “more global” and stated that “the product is simple.” Saylor went on to say that if the ultimate aim is to avoid losing money, Bitcoin is the way to go.

“Bitcoin is like Manhattan, if you owned it in the 1800’s would you ever sell it or short it? For me the idea of Bitcoin is that you are buying a city block of property in cyber Manhattan with the opinion that it’s a billion dollar monetary energy. Holding BTC is a business strategy if you want be rich you need to own a high quality asset like BTC.”

Apple’s quarterly ROI for the most recent quarter was 34.19 percent, Google’s during the same period was 18.13 percent, and Bitcoin’s ROI for the most recent 90 days was -43.52 percent. This might be linked to the era of extreme volatility and BTC’s numerous price drops. However, Bitcoin’s one-year ROI was as high as 260.99 percent, which was higher than the ROI of most major technology equities.

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Saylor took advantage of the latest energy FUD news from China, which caused BTC’s price to plummet, as MicroStrategy purchased an another 13,000 BTC, bringing its total BTC holdings to 105,085 BTC.

When the presenter questioned Saylor about an ideal portfolio plan and asset diversity, the executive was quick to dismiss diversification as a fool’s technique.

“Having a diversified portfolio isn’t necessarily a good strategy. Thinking about the macroeconomics and socio-economic dynamics is what would determine what is your potential choice. If a new more valid technology is present it invalidates the previous signs.”

Saylor has criticised the diversification idea, claiming that it makes no sense because all assets are linked to currencies. He then discussed how money is being depreciated, and how the US dollar is being devalued at a pace of 20%, therefore betting on the winner (BTC) is the greatest thing to do, according to him.

In retrospect, it’s worth noting that MicroStrategy’s market valuation has risen from $1.15 billion as of June 30 last year to $6.5 billion in 2021. With Bitcoin rising by 11% last week, MicroStrategy’s stocks jumped by 13.5%. Many have also speculated that the company’s stock is tied to BTC’s success or failure.

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