Bitcoin

Bitcoin in 2020 – A Year in Review

The CEO of the world’s largest publicly traded business intelligence firm says he can’t reveal details of discussions he’s had with Tesla CEO Elon Musk.

In an interview with CNBC, Michael Saylor adds fuel to the rumors that Musk may be considering whether to add BTC to Tesla’s balance sheet.

“I can’t speak about my conversations with [Musk] but what I can say is that Tesla, Apple and Google all have the same problem – they’re sitting on huge piles of cash and they’re dissipating shareholder wealth at a rate of 15-20% a year times that cash.

They need to turn that from a liability into an asset, and the best way to do it is convert it into Bitcoin because Bitcoin’s going up more than 100% a year. Cash is debasing at 15% a year.” 



Michael Saylor recently encouraged Musk to invest in Bitcoin after the Tesla head posted a provocative meme about BTC on Twitter.

“If you want to do your shareholders a $100 billion favor, convert the TSLA balance sheet from USD to BTC. Other firms on the S&P 500 would follow your lead and in time it would grow to become a $1 trillion favor.”

Saylor calls Bitcoin the “world’s first engineered safe-haven asset” and says it’s likely to become less volatile over time.

“As the institutions buy Bitcoin, its volatility changes and the characteristics of the asset class are maturing.” 

After making a series of high-profile BTC investments this year, MicroStrategy owns about $1.65 billion worth of Bitcoin according to Bitcoin Treasuries.

Saylor says he’s made “north of $500 million” on his Bitcoin bets in 2020.

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