Michael Saylor Compares Bitcoin to 'Cyber Manhattan' as Cryptocurrency Hits New Highs

On Monday, Michael Saylor, founder and chairman of MicroStrategy, made an intriguing comparison between bitcoin and New York City, referring to the cryptocurrency as "cyber Manhattan." This statement came as bitcoin reached a remarkable all-time high of $107,162.64, according to Coin Metrics.

During an appearance on CNBC's "Money Movers," Saylor expressed his belief in the cryptocurrency's value, saying, "We'll just keep buying the top forever; every day is a good day to buy bitcoin." He further elaborated, stating that if he could, he would have purchased Manhattan 100 years ago, 200 years ago, and would continue to invest in it every year for the past 300 years. Saylor emphasized the importance of investing in the "economic capital of the free world," asserting that even paying a higher price than previous buyers is justified.

Saylor's remarks are particularly significant as MicroStrategy is set to join the Nasdaq-100 index on December 23. This move will also include MicroStrategy in the popular Invesco QQQ Trust ETF, which tracks the Nasdaq-100.

On the same day as Saylor's comments, shares of MicroStrategy surged over 5%. Since 2020, the company has actively been acquiring bitcoin, now totaling 439,000 BTC, which is valued at approximately $46 billion. Recently, MicroStrategy announced the acquisition of an additional 15,350 BTC, further demonstrating its commitment to leveraging its bitcoin investments.

Saylor has faced criticism regarding MicroStrategy's bitcoin accumulation strategy, with some critics labeling it a Ponzi scheme. In response, he drew parallels with real estate developers in Manhattan. He noted that as property values rise, developers utilize debt to acquire and develop more real estate, a practice that has been ongoing for 350 years. Saylor stated, "That's why your buildings are so tall in New York City; it's been going on for 350 years. I would call it an economy."

Bitcoin, Investment, MicroStrategy