Saylor Compares Buying Bitcoin to Golf: 'Rich People Like to Buy Bitcoin'
Michael Saylor, chairman of Strategy (MSTR), drew an analogy between accumulating cryptocurrency and golf in a recent video. He filmed himself sinking balls into holes on a green fairway while wearing a business suit, emphasizing that investing in Bitcoin requires discipline and composure.
Saylor stated directly in the video that 'rich people like to buy Bitcoin' and 'buying Bitcoin makes you rich,' summing up his actions with a concise remark: 'I need to buy some Bitcoin.' This philosophy is supported by Strategy's September report, where it ranked second among financial companies in the S&P 500 with $66 billion in Total Reserve Capital (TRC), behind only Berkshire Hathaway.
Strategy overpaid for Bitcoin and believes it was the right thing to do. The company sold about 7,000 BTC at prices ranging from $60,000 to $65,000 before buying back 4,603 BTC in late August at $80,318 per coin, for a total of $370 million.
Strategy CEO Phong Le supported Saylor's position, stating that the company's decisions depend 'not on the Bitcoin rate, but on the cost of capital.' He emphasized that Strategy would continue buying even at $100,000 because 'the asset is bought whenever financing conditions allow it.'