Saylor said when he talked with 10 large shareholders, most of them were “very supportive and complimentary” about the $1.5 billion market cap company investing in Bitcoin.
Even so, Saylor said he’s not a crypto diehard. If bond yields jump, for instance, he said he won’t hesitate to dump the cryptocurrency, though he has no immediate plans to sell.
“We can liquidate it any day of the week, any hour of the day,”Saylor said. “If I needed to liquidate $200 million of Bitcoin, I believe I could do it on a Saturday. If I took a haircut, I believe it would be 2%.”
While many crypto faithful have been saying that institutional investors are coming for years, that rush hasn’t yet materialized. Bitcoin is highly volatile, and most company treasurers wouldn’t consider it a viable alternative for what is typically seen as place to park cash for a short period.
Bitcoin hasn’t been the game-changer Saylor was hoping for since the company announced its initial purchase on Aug. 11, though he doesn’t seem too concerned. The largest cryptocurrency has dropped by about 6% to around $10,500. It is still up about 47% this year.
“Volatility isn’t really a reason to sell,” Saylor said. “Right now this is the only thing we can find with a positive real yield.”
--With assistance from Liz Capo McCormick.
This article was provided by Bloomberg News.