MicroStrategy Incorporated (NASDAQ:MSTR) CEO Michael Saylor said there is a place for all cryptocurrencies in an interview with CNBC’s “Fast Money” program Tuesday.
What Happened: Saylor pointed out that different cryptocurrencies serve different purposes. He said while Bitcoin (BTC) acts like “digital property,” Ethereum (ETH) is working on disrupting traditional finance.
MicroStrategy keeps backing up the truck on bitcoin, even issuing the world’s first “bitcoin bond.” @MicroStrategy CEO @michael_saylor breaks down his strategy. $MSTR pic.twitter.com/ftLsqPEtPe
— CNBC’s Fast Money (@CNBCFastMoney) June 15, 2021
“You’re going to want to build your buildings on a solid footing of granite, so Bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the finance establishment,” said the MicroStrategy CEO.
See Also: How To Buy Bitcoin (BTC)
“I think that as the market starts to understand these things, there’s a place for everybody,” said Saylor.
BTC traded 0.58% higher at $40,394.28 over 24 hours at press time. The apex cryptocurrency has risen 17.32% over a seven-day trailing basis. ETH traded 2.29% lower at $2,546.93 over 24 hours.
Why It Matters: On Tuesday, MicroStrategy announced a stock offering worth $1 billion and said it would use some of the proceeds to purchase even more Bitcoin.
See Also: MicroStrategy’s Michael Saylor Stands By Bitcoin Amid Big Sell-Off
The announcement came on the heels of MicroStrategy completing a $500 million junk bond sale for the purposes of buying Bitcoin.
MicroStrategy is among the top institutional names that hold Bitcoin, others include Jack Dorsey-led Square Inc (NYSE:SQ) and Tesla Inc (NASDAQ:TSLA).
MicroStrategy holds 92,079 BTC, worth $3.72 billion at press time, in a newly formed subsidiary MacroStrategy LLC. It doesn’t hold any other cryptocurrency.
Price Action: MicroStrategy shares closed 5.36% higher at $630.54 in Wednesday’s regular session and gained 0.55% in the after-hours session.
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