Despite its ups and downs, Bitcoin remains the leading cryptocurrency and the most preferred cryptocurrency by many investors. However, since the beginning of last year, it appears that retail investors are not the only ones interested in the digital asset, as it has been drawing the attention of institutional players. However, that period has seen payment giants- Square, Micheal Saylor’s Microstrategy, and Elon Musk’s Tesla, all committing their treasury to Bitcoin. However, Micheal Saylor, whose company’s investment in Bitcoin is seen as one of the highest, believes that Elon Musk’s Tesla investment was the turning point for Bitcoin.
Saylor believes Musk’s purchase of Bitcoin led the way
In a recent interview with TIME Magazine, Micheal Saylor- one of the foremost Bitcoin admirers and investors, has praised the institutional adoption of Bitcoin, believing that it is just at the starting point. The CEO of Microstrategy believes that big-name purchases like that of Square, Tesla, and Microstrategy have further improved the fortunes of Bitcoin, as many other institutional investors have now flocked to the cryptocurrency. According to the Bitcoin analyst, he believes that the purchase of $1.5 billion worth of Bitcoin by Elon Musk via Tesla in January had secretly convinced more institutional investors to commit their treasury to the cryptocurrency.
The investor believes that many large corporations have started to buy Bitcoin since then, believing that if Musk can be convinced, they should be too. However, many around the crypto space believe that Saylor was the driving factor behind Musk’s Bitcoin purchase. The Microstrategy CEO had publicly offered to help the Tesla owner navigate around Bitcoin he ever need help. That has fuelled the belief that Saylor was likely the influence behind the purchase of Bitcoin by Musk, which is believed to have begun a new era of institutional investment, according to Saylor.
Micheal Saylor and Bitcoin
Micheal Saylor is one of the world’s renowned Bitcoin enthusiasts and admirers. Since early last year, when they first confirmed their first purchase, the businessman had invested at least $2.2 billion of his firm’s money in Bitcoin. That move has now earned Microstrategy at least 100% profit in less than a year, as their portfolio size in BItcoin is worth more than $5 billion in today’s prices. In a recent research by crypto analysts, Microstrategy is the largest publicly-known institutional investor of Bitcoin, as the firm’s Bitcoin portfolio now has close to 100,000 Bitcoins in it.
When Elon Musk first announced that he had purchased Bitcoins in February, Saylor was the first to congratulate him and welcome him into the Bitcoin family. Micheal Saylor also has a virtual class in which he teaches potential institutional investors of Bitcoin about the benefits of investing in cryptocurrency, a move that has been credited to increase the digital asset’s institutional investors. Earlier this month, after Microstrategy’s latest purchase of BItcoins, Saylor confirmed that they would continue to buy Bitcoins with their treasury reserves, as it appears the love story between Saylor and Bitcoin is not nearing an end.