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Michael Saylor Says Republicans Have More 'Progressive’ View on Crypto, Democrats ‘Drifting to the Middle’
MicroStrategy has purchased roughly $8.3 billion worth of bitcoin since August 2020.
Updated Sep 10, 2024, 7:59 p.m. Published Sep 9, 2024, 3:18 p.m.
- “There’s no doubt the Republicans have taken a very pro crypto stance," MicroStrategy Executive Chairman Michael Saylor said Monday.
- Appearing on CNBC, Saylor reiterated his outlook that one bitcoin will be worth $13 million over the next two decades.
Republicans are way ahead of Democrats regarding their opinion of crypto and bitcoin , said MicroStrategy (MSTR) Executive Chairman Michael Saylor.
“There’s no doubt the Republicans have taken a very pro crypto stance [...] Trump in particular.” Saylor said in a CNBC appearance on Monday when asked about the impact of the presidential election on the industry.
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“At this point the Republicans have shifted to way progressive and the Democrats are drifting to the middle [...] in terms of their view toward crypto and bitcoin,” he added.
Of U.S. Securities and Exchange Commission Chairman and crypto gadfly Gary Gensler's role in a potential Harris administration, Saylor said it was above his pay grade to answer that question.
Saylor appeared unbothered by bitcoin's recent brutal run, which saw the price tumbling to about a seven-month low below $53,000 last week. He reiterated his belief that bitcoin, which now accounts for 0.1% of global capital, will eventually rise to 7% of global capital, or a price of $13 million over the next two decades.
MicroStrategy, which recently rebranded itself to a bitcoin strategy company, now says its primary business is to securitize the world's largest crypto. The company started purchasing bitcoin in August 2020 and currently owns roughly $8.3 billion worth of the asset at the current price.
Shares of MSTR have risen 879% since the company began buying bitcoin, though have slipped 20% over the past six months alongside the poor performance of BTC.
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