MicroStrategy CEO Michael Saylor advised CNBC on Tuesday he sees a brilliant future for a variety of cryptocurrencies, not simply bitcoin.
Saylor, one of the vocal bitcoin proponents, has over the previous 12 months raised the profile of his enterprise software company by investing heavily on the earth’s largest cryptocurrency by market worth.
In an interview Tuesday on “Fast Money,” Saylor stated completely different cryptocurrencies serve completely different functions, but it surely may take time for newcomers to the digital asset area to acknowledge these distinctions.
For instance, Saylor stated, he sees bitcoin as “digital property” and a retailer of worth, whereas ether and the Ethereum blockchain search to disrupt conventional finance.
“You are going to need to construct your buildings on a strong footing of granite, so bitcoin is made to final ceaselessly — excessive integrity, very sturdy. Ethereum is attempting to dematerialize exchanges and the finance institution,” Saylor stated. “I feel that because the market begins to know these items, there’s a spot for everyone.”
MicroStrategy introduced Monday that it recently completed a debt offering with the intention of utilizing proceeds to purchase extra bitcoin.
The corporate additionally stated Monday it’s launching a program to promote $1 billion price of extra inventory over time. Saylor advised CNBC the agency might use cash from the inventory providing to buy bitcoin, to retire debt or for common company functions.
Shares of MicroStrategy are up about 62% up to now this 12 months and greater than 400% up to now 12 months.
The inventory closed Tuesday at $630.54, up greater than 5% on the session. In February, it set a 52-week excessive when it traded above $1,300.