Michael Saylor has insisted that Strategy is ready to take on competition from top firms like JP Morgan, spotlighting its unique business model as an advantage.
The Bitcoin evangelist expressed Strategy’s preparedness during his appearance at the Bloomberg Crypto Show with Matt Meilier and Katie Greifeld. According to him, they would be buying at a much larger price and would benefit the entire crypto ecosystem.
Strategy Would Welcome JPMorgan: Saylor
Meiler asked Saylor if JPMorgan’s teased crypto venture bothered him. In response, the Strategy executive chairman insisted he was unperturbed.
JPMorgan Chase, a prominent investment firm, recently announced that it would offer some clients financing with crypto products, such as Bitcoin ETFs, as collateral. The development follows an earlier disclosure that it would soon allow its clients to buy Bitcoin.
This development suggests the firm’s desire to deepen its ties with the crypto industry further and compete toe-to-toe with firms such as Strategy. Nonetheless, Saylor welcomes the competition, emphasizing its unique identity and the broader market impact as factors.
For context, Saylor stated that Strategy is 100% backed by Bitcoin. This solid background allows it to issue the most liquid preferred stocks with the highest performance.
JPMorgan Will Buy At $1M
As a result, the chairman stated that he is not weary of competition from JPMorgan or Warren Buffett’s Berkshire Hathaway. Nonetheless, he suggested that they may be buying Bitcoin at a higher price than its current price.
Specifically, he suggested that they would be buying at $1 million, reaffirming his earlier comments about when top financial advisors would start recommending Bitcoin exposure. For the uninitiated, Saylor noted in a tweet on May 1 that the crypto leader would hit $1 million before wealth managers would say it’s okay and $10 million before they recognize it’s a good idea.
Notwithstanding, Saylor perceives the idea as bullish for Bitcoin. He stated that JPMorgan’s Bitcoin adoption would drive prices to the moon and favor holders of the asset or products tracking its performance.
Moreover, Saylor’s Bitcoin evangelism ultimately aims at drawing more firms to buy Bitcoin. He had earlier pitched the asset to Microsoft and recently encouraged Apple to gain exposure.
Notably, the Strategy co-founder also stated in the interview that there would be no bear market for Bitcoin again, insisting that it would soon reach $1 million. Furthermore, he suggested that naysayers like Buffett and JPMorgan CEO Jamie Dimon could come around with time, noting that their unbelief comes from a lack of understanding.
At the time of writing, Bitcoin trades at $109,587.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
