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Michael Saylor, the co-founder of MicroStrategy Inc. (NASDAQ:MSTR). called former President Donald Trump’s recent Bitcoin (CRYPTO: BTC)-supportive speech a big milestone, underscoring that the world’s largest cryptocurrency has entered the political conversation.
What Happened: During Microstrategy’s Q2 2024 earnings call, Saylor said that the recently concluded Bitcoin 2024 conference was an “”extraordinary” event as it was graced by Governors, House Members, and presidential candidates.
“Four years ago, all of this was unconceivable. So, we’ve come a long way in the past four years,” the Bitcoin bull remarked.
Saylor applauded Trump’s announcement of a national Bitcoin stockpile, particularly his stance on HODLing the apex cryptocurrency.
In fact, the MicroStrategy Executive Chairman went one step ahead and said, “In terms of the idea of not selling Bitcoin elevates Bitcoin to be the apex property of the nation as well as the apex investment asset.”
Saylor also praised the proposed legislation by Senator Cynthia Lummis (R-Wyo.) to establish a U.S. strategic Bitcoin reserve.
Why It Matters: Saylor’s comments came just days after Republican presidential frontrunner Trump pledged to make the U.S. the “crypto capital” of the world. He also announced that he’d sack SEC Chair Gary Gensler, seen as hostile to the cause of cryptocurrencies, on Day 1 of assuming office.
Saylor’s bullish stance on King Crypto has dictated MicroStrategy’s Bitcoin corporate reserve strategy. As per its Q2 earnings report, the company’s Bitcoin holdings were worth more than $14 billion, 70% higher than its cost basis.
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,222.21, up 0.34% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy were up 3.19% in after-hours trading, after closing 6.36% lower at $1511.81 during Thursday’s regular session.
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