Not according to Michael Saylor, CEO of MicroStrategy who is known as one of the top supporters of Bitcoin. He believes there can be a flourishing future for other digital assets as well.
Michael Saylor talked about altcoins in an interview for “Fast Money” on Tuesday. He thinks that each one of them has a different purpose in the crypto ecosystem but it is a little bit hard for amateur investors to acknowledge their particular characteristics. Saylor sees Bitcoin as digital property and Ethereum as a network that is trying to change traditional finance.
“You’re going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the finance establishment. I think that as the market starts to understand these things, there’s a place for everybody.”Michael Saylor
MicroStrategy was the first publicly listed company that began investments in bitcoin in 2020. Many more firms followed and implemented bitcoin in their balance sheets. The company didn’t stop and made another purchase of 295 BTC in February. Its latest investment was made in May following the company’s policy of regularly acquiring bitcoin. This is the firm’s way of protecting its treasury reserves from the surging inflation due to the pandemic.
“On May 18, 2021, MicroStrategy Incorporated announced that it had purchased approximately 229 bitcoins for $10.0 million in cash, at an average price of approximately $43,663 per bitcoin, inclusive of fees and expenses. As of May 18, 2021, the company holds approximately 92,079 bitcoins that were acquired at an aggregate purchase price of $2.251 billion and an average purchase price of approximately $24,450 per bitcoin, inclusive of fees and expenses.”SEC filing