Andrew Ross Sorkin interviews Michael Saylor, MicroStrategy founder and executive chairman, about his updated Bitcoin price predictions and the company's investment strategy. Saylor addresses Bitcoin's volatility, reiterating his long-term bullish outlook and comparing its performance to gold and the S&P 500. He explains MicroStrategy's leveraged position, stating they are "fractionally levered" and well-collateralized even if Bitcoin prices drop significantly. Saylor also discusses Kathy Wood's stablecoin argument, differentiating between Bitcoin as digital capital and stablecoins as digital credit or currency within the broader digital assets economy. He confirms MicroStrategy is actively accelerating its Bitcoin purchases, with an average blended cost of $74,000 per coin, and advises investors to consider their time horizon and risk tolerance when choosing between Bitcoin, MicroStrategy stock, or digital credit instruments.
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