MicroStrategy CEO Michael Saylor told CNBC on Tuesday that he sees a bright future for a range of cryptocurrencies, not just bitcoin.
Saylor, one of bitcoin’s most vocal proponents, has over the past year raised the profile of his enterprise software company by investing heavily in the world’s largest cryptocurrency by market value. .
In an interview on Tuesday on âFast Money,â Saylor said that different cryptocurrencies serve different purposes, but newcomers to the digital asset space may be slow to recognize these distinctions.
For example, said Saylor, he views bitcoin as a âdigital propertyâ and a store of value, while the ether and the Ethereum blockchain seek to disrupt traditional finance.
âYou’re going to want to build your buildings on a solid foundation of granite, so bitcoin is made to last forever – high integrity, very durable. Ethereum is trying to dematerialize exchanges and the financial establishment,â Saylor said. “I think as the market starts to understand these things, there is a place for everyone.”
MicroStrategy announced on Monday that it recently entered into a debt offer with the intention of using the proceeds to buy more bitcoins.
The company also announced Monday that it is launching a program to sell $ 1 billion of additional shares over time. Saylor told CNBC that the company could use the money from the stock offering to buy bitcoin, to pay off debt, or for general corporate purposes.
MicroStrategy’s shares have risen about 62% so far this year and over 400% in the past 12 months.
The stock closed Tuesday at $ 630.54, up more than 5% on the session. In February, it hit a 52-week high, trading above $ 1,300.