The CEO of MicroStrategy Michael Saylor, whose technology company owns around $6 billion worth of Bitcoin, said the digital currency doesn’t need the endorsement of Warren Buffett to be successful.
Several times, the CEO of Berkshire Hathaway Buffett criticized cryptocurrencies. The billionaire said the cryptocurrencies are worthless and have no real-world value. Saylor addressed the criticism from Warren Buffett during a presentation at MicroStrategy’s virtual investor day this week.
He argued that other assets have been performing extremely well without the need for Buffet’s backing. He also suggested Bitcoin could surge if 5% of institutional investors endorse it.
“Warren Buffett never bought Microsoft stock, and he was best friends with Bill Gates for nearly a generation,” Saylor said, according to a transcript on Sentieo, a financial-research site.
“So just because successful investors don’t embrace bitcoin doesn’t mean that it’s not going to grow,” he continued. “Microsoft has been quite successful even without a Berkshire Hathaway investment.”
Note that Buffett personally bought 100 Microsoft Shares during his first meeting with Bill Gates 30 years ago. However, Buffett had let go of the stock on Berkshire’s behalf, citing concern that people would suspect he was getting insider information from Gates.
Saylor has closely followed Buffett for more than a decade. For example, he defended MicroStrategy’s lack of contact with investors and analysts in 2005 by deploying the investor’s quote that “a stock market is a weighing machine in the long term,” an earnings-call transcript on Sentieo shows.
Saylor mockingly shared a bunch of Buffett quotes suggesting that the billionaire investor is referring to Bitcoin with each one. He told Cointelegraph earlier this year that Buffett couldn’t understand that Bitcoin — similar to Coca-Cola — has value because of its brand recognition.