Michael Saylor: "Bitcoin, the Foundation of Civilization"
MicroStrategy Chief Executive Officer Michael Saylor has announced that he plans to return his Bitcoin fortune to "civilization" after his death.
In an interview with Madison Reidy on October 21, 2024, Saylor shared his candid thoughts about the future of his relationship with Bitcoin.
“I’m a single man with no children—when I’m gone, I’ll be gone for good,” Saylor said. “Just like Satoshi left one million Bitcoins to the universe, I will leave everything I have to civilization,” he said.
This statement indicates that Saylor is considering giving up his Bitcoin fortune and expresses his desire to leave it as a legacy for humanity. It is stated that there is a total of 19.6 million BTC in circulation as of January 2024, and it is stated that only 1.4 million more BTC can be mined.
Since Bitcoin is an asset limited to 21 million tokens, it is expected to reach its maximum level in 2140. From this date, miners will not receive new token rewards. If Saylor returns his Bitcoins to the market, this will revitalize the global supply of Bitcoin and could create a new balance in the market.
According to Bankless Times, Bitcoin founder Satoshi Nakamoto allegedly owns approximately 1.1 million BTC. However, Satoshi’s Bitcoin wallet has remained largely untouched since he disappeared in 2011.
Interestingly, in January 2024, one of Satoshi’s wallets received $1.2 million worth of Bitcoin from an unidentified source. This causes further speculation about the history and future of Bitcoin.
Saylor describes Bitcoin as a solid foundation that people build on. He emphasized that Bitcoin is the building block of civilization, giving an example of a verse from the Bible that contains God’s warning that people should build houses on a solid foundation, not on sand.
“Build on a solid foundation of granite. So what is Manhattan? Electrically powered, 100-story steel buildings are as strong as granite. “This is the definition of civilization, this is Bitcoin,” he said. This approach enables Bitcoin to be perceived as a social transformation tool rather than just an investment tool.
As of August 2024, Saylor announced that he owned over $1 billion in Bitcoin through MicroStrategy. During this period, Bitcoin’s value was around $56,000; Therefore, $1 billion worth of Bitcoin was equivalent to approximately 17,857 BTC.
However, with Bitcoin reaching high levels, this amount can be worth more than $ 1.1 billion.
Saylor’s technology company, MicroStrategy, purchased 7,420 BTC on September 20, 2024, reaching 252,220 BTC in total, and became the largest Bitcoin reserve held by a company.
As of March 2024, MicroStrategy’s holdings accounted for an unrealized profit margin of approximately $6 billion, exceeding more than 1% of the entire Bitcoin market. This situation once again reveals how successful Saylor’s Bitcoin strategy is and its impact on the market.
Saylor’s belief in Bitcoin reflects his desire not only for personal gain but also to leave a legacy for society.