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Michael Saylor in comparison Bitcoin on Monday to New York City and its economy as cryptocurrency hit new records, calling it “Cyber-Manhattan.”
“We’ll just keep buying up forever, every day is a good day to buy Bitcoin,” said the founder and chairman of Microstrategy said on CNBC: “Money mover.” “I would have bought Manhattan 100 years ago, 200 years ago, and every year for the last 300 years. You may pay a little more than the person who bought Manhattan before you, but it is always a good investment to invest in the economic capital of the free world.”
Saylor’s comments precede MicroStrategy’s inclusion in the Nasdaq-100 on December 23rd. This would also make the Bitcoin proxy popular Invesco QQQ Trust ETFwhich replicates the Nasdaq-100.
On Monday shares of MicroStrategy jumped by more than 5%. Bitcoin rose to an all-time high according to Coin Metrics, $107,162.64.
MicroStrategy has added Bitcoin to its balance sheet since 2020 and is now issuing convertible notes to leverage its purchases. After the US presidential election, the company began to expand its purchases. On Monday, Saylor announced that the company had purchased an additional 15,350 BTC, bringing its total Bitcoin holdings to 439,000, worth around $46 billion.
Saylor responded to critics who call MicroStrategy’s Bitcoin acquisition strategy a pyramid scheme.
“Just like developers in Manhattan, every time property values go up, they issue more debt to develop more properties,” he said. “That’s why your buildings are so tall in New York City, they’ve been there for 350 years. I would call it an economy.”
