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Bitcoin is a Scarce Asset That Should be Owned – MicroStrategy CEO

Summary:

MicroStrategy CEO, Michael Saylor, has categorized Bitcoin as an asset and not a commodityHe explains that commodities are abundant and should be tradedAdditionally, assets such as Bitcoin are scarce and should be ownedHis comments were as a result of Mr. Saylor pledging to convince the CEO of Hedeye, Keith McCullough, to reconsider his decision to sell all his Bitcoin in early October

The CEO of MicroStrategy has categorized Bitcoin (BTC) as an asset and not a commodity. According to Mr. Saylor, commodities such as grain, oil, beef, etc are abundant and should be traded. However, Bitcoin being an asset means that it should be owned and not traded. Furthermore, the scarcity of Bitcoin adds to its appeal as an ideal treasury reserve asset.

His comments were a message to the CEO of Hedgeye Risk Management, Keith McCullough, and can be found in the following tweet.

My message for @KeithMcCullough : #Bitcoin is an asset, not a commodity. Commodities are abundant and should be traded. Assets are scarce and should be owned. Pure monetary energy is the ideal treasury reserve asset, and for the first time in history, we can now own some. https://t.co/MG9dz5LFLF

— Michael Saylor (@michael_saylor) October 20, 2020

‘I’ve Sold All of My Bitcoin’ – Keith McCullough

Mr. McCullough made headlines back in early October after he notified the investing community of his decision to sell Bitcoin via the following Tweet.

I’ve sold all of my Bitcoin

— Keith McCullough (@KeithMcCullough) October 6, 2020

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