Now, Drake Endorses MicroStrategy CEO Michael Saylor’s Bitcoin Strategy Of ‘Buying It To Hold It 100 Years’

by | Mar 13, 2024 | Markets

Canadian rapper Aubrey Drake Graham, better known as Drake, the music artist with an Instagram following of over 146 million, shared a segment of an interview featuring Michael Saylor, the co-founder of MicroStrategy, with his audience on Tuesday.

What Happened: In the brief video originally aired on CNBC, Andrew Ross Sorkin engages with Saylor on the subject of Bitcoin (CRYPTO: BTC). Drake captioned the post with, “Michael Saylor on Bitcoin.”

In the shared clip, Saylor explains his view on Bitcoin’s utility: “It doesn’t have to be a currency. Nobody is trying to buy a cup of coffee with a fraction of their building on 5th Avenue.”

Saylor’s MicroStrategy’s Bitcoin holdings are reported to total approximately 205,000 units, valued at nearly $14.6 billion.

Saylor added in the interview, “We’re buying it to hold it 100 years. That $66K to $16K crash—that shook out the tourists.”

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Why It Matters: Last year, Drake shared with his followers an image of his sparkling, diamond-studded Ledger— a type of hardware wallet used to store digital assets. In February 2023, Drake scored big with a $777,000 BTC win after a $700,000 bet on the Kansas City Chiefs and netted $700,000 from a $50,000 BTC bet on Patrick Mahomes, totaling $1.2 million in profits despite later bets falling short.

Bitcoin on Monday surpassed the market capitalization of Silver when it reached a historic high of $71,000 and continued its upward trajectory.

This comes on the heels of a tumultuous week and a series of bullish events, including the Securities and Exchange Commission’s (SEC) approval of multiple Bitcoin ETFs, and substantial Bitcoin investments by heavyweight firms such as BlackRock, Franklin Templeton, Bitwise, and VanEck.

Price Action: At the time of writing,  BTC was trading at $72,075 up 0.46% over the last 24 hours, according to data from Benzinga Pro.

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Image via Shutterstock

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