Michael Saylor Amid Lebanon Financial Meltdown: Buy Bitcoin

In light of the continuing financial crisis in Lebanon, MicroStrategy CEO Michael Saylor tweeted that people all over the world should own Bitcoin before they lose 93% of their wealth.

In context, Saylor gave the advice to provide an illustration of the flaws in the current financial system. For many years, Lebanon has been suffering a financial meltdown, in which the government is planning to resolve the crisis. However, this may see a 93% devaluation of the Lebanese pound as a consequence.

Meanwhile, Saylor has long been a staunch Bitcoin supporter. His company MicroStrategy recently bought 660 Bitcoin tokens at the time of the crypto market dip. At present, the company holds 125,051 bitcoins, which equals $3.8 billion. The company is acclaimed to be the world’s largest publicly-traded entity that owns bitcoins.

Earlier, Saylor said:

“In a world where, say, Goldman Sachs and Morgan Stanley and Merrill Lynch and Bank of America and CitiGroup and JPMorgan are interested and involved in the space, I think the options that will be available to us will be greater and the counter-party risk that we would have to incur will be less,

Saylor also mentioned that each cryptocurrency has its own purposes. He sees bitcoin as a ‘’digital property’’ and a store of value, whereas Ethereum blockchain seems to interrupt traditional finance.