Michael Saylor, a well-known Bitcoin advocate and the founder of the MicroStrategy business intelligence giant, recently took to Twitter to express his views on the world’s flagship cryptocurrency and one of Bitcoin’s biggest critics, Warren Buffett, and his investment giant Berkshire Hathaway (NYSE:BRKa). Saylor’s tweet came shortly after the first Berkshire Hathaway shareholders meeting, which occurred earlier this week. Notably, this meeting was the first to take place without Buffett’s right-hand man and vice president, Charlie Munger, who passed away in November of last year at the age of 99.
Despite Buffett and Munger’s persistent criticism of Bitcoin, with Munger even going as far as calling it “rat poison squared,” the primary cryptocurrency has managed to outshine Berkshire Hathaway in terms of market capitalization. Currently, Berkshire Hathaway’s market cap stands at $862.05 billion, while Bitcoin boasts a market cap of $1,245,020,193,429. Saylor highlighted in his tweet that the only hope he sees for Berkshire Hathaway, a legendary company in the investment world, is to consider investing in Bitcoin.
Saylor suggested that Warren Buffett should take a cue from MicroStrategy, as the company has been actively purchasing Bitcoin since August 2020. In April of this year, MicroStrategy added another 122 BTC to its holdings, spending $7.8 million in the process. This acquisition brought the company’s total Bitcoin holdings to 214,400 BTC, valued at an impressive $13.22 billion on its balance sheet. Thanks to its Bitcoin investments and the funds raised from shareholders for this purpose, MicroStrategy’s market capitalization now stands at $21.57 billion.
Saylor’s tweet not only serves as a reminder of Bitcoin’s performance compared to traditional investment giants like Berkshire Hathaway but also encourages institutional adoption of the cryptocurrency. By showcasing the success of MicroStrategy’s Bitcoin investments and the resulting increase in its market capitalization, Saylor aims to inspire other major companies, including Berkshire Hathaway, to consider adding Bitcoin to their portfolios. Despite the criticism from Buffett and Munger, the growing popularity and value of Bitcoin cannot be ignored, making it a potentially lucrative investment opportunity for traditional investors.
Michael Saylor’s tweet serves as a bold call to action for Warren Buffett and Berkshire Hathaway to embrace Bitcoin and follow in the footsteps of companies like MicroStrategy, who have reaped significant benefits from their investments in the cryptocurrency. As the digital asset continues to gain mainstream acceptance and demonstrate its value as a store of value and investment opportunity, it may be time for traditional investors to reconsider their stance on Bitcoin and explore the potential benefits it can offer to their portfolios.