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“Bitcoin BANK”: MicroStrategy FINAL challenge
By Davide Grammatica
Michael Saylor unveiled in an interview his company MicroStrategy's ultimate goal: to become the first “Bitcoin-friendly” bank
MicroStrategy's goal
MicroStrategy, as we know, is now the largest “corporate” holder of Bitcoin. After the latest tranche last month, namely the purchase of 7,420 BTC, the company has come to hold 252,220 BTC. In other words, $15 billion in BTC, with a total carrying price of $9.9 billion.
The figure is equivalent to1.2 percent of the total Bitcoin supply (21 million BTC), and makes MicroStrategy a very prominent (not to say dominant) player in the crypto world.
Behind this continued accumulation of BTC, which began steadily in 2020, lies an ambitious goal. And giving the measure of it is founder and chairman Michael Saylor.
In a recent interview with financial research and advisory firm Bernstein, Saylor said that MicroStrategy’s future is to become a full-fledged bank, built “to the size of Bitcoin”. The first cryptocurrency is not intended simply as the “best performing asset of the 21st century,” but as a tool for hedging against inflation and storing fundamental value for investors in the coming years.
“Bitcoin is the most valuable asset in the world,” said Saylor, as reported by The Block. “And our goal is to become the world’s leading ‘Bitcoin bank,’ or in other words the largest BTC-based financial company.”
Saylor's strategy
The bet is that in the long run Bitcoin will become themost important deflationary asset , with a share of financial capital that could reach 7 percent. Doing the math, then, Saylor predicts that BTC could grow to be worth $13 million by 2045.
The development strategy is to raise funds through debt, equity and other financial instruments, and then “arbitrage” in the markets with the assumption that BTC will grow by about 29% per year.
The “bank” conceived by Saylor, therefore, will not be based on a traditional model. It will continue to borrow billions of dollars to reinvest in BTC, but will never lend in turn.
“We think it’s a better idea to borrow $10 billion and give them a 100 basis point higher yield than the competition, and then ‘lend to bitcoin’ for 30 percent to 50 percent interest per year with no counterparty risk,” he explained. “Once we get past the volatility and learn how to manage it, the bearish scenario we budget for is for BTC to rise only 22 percent per year.”
