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MicroStrategy CEO defends bitcoin buys, compares it to investing early in Facebook

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MicroStrategy CEO Michael Saylor on Friday defended his enterprise software company’s debt-financed purchases of bitcoin, telling CNBC he sees buying the cryptocurrency right now as comparable to investing in Facebook in the social network’s early days.

“We’ve got $2.2 billion of debt and we pay about 1.5% interest, and we have a very long time horizon,” Saylor said on “Squawk on the Street.” “Our point of view is being a leveraged, bitcoin-long company is a good thing for our shareholders.”

MicroStrategy has become well-known on Wall Street in the past year after the Virginia-based company started to buy and hold bitcoin, initially using cash on its balance sheet to acquire the digital…



Source cnbc.com

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