MicroStrategy Incorporated (NASDAQ:MSTR) CEO Michael Saylor said there is a place for all cryptocurrencies in an interview with CNBC’s “Fast Money” program Tuesday.
What Happened: Saylor pointed out that different cryptocurrencies serve different purposes. He said while Bitcoin (BTC) acts like “digital property,” Ethereum (ETH) is working on disrupting traditional finance.
— CNBC’s Fast Money (@CNBCFastMoney) June 15, 2021
“You’re going to want to build your buildings on a solid footing of granite, so Bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the finance establishment,” said the MicroStrategy CEO.
See Also: How To Buy Bitcoin (BTC)
“I think that as the market starts to understand these things, there’s a place for everybody,” said Saylor.
BTC traded 0.58% higher at $40,394.28 over 24 hours at press time. The apex cryptocurrency has risen 17.32% over a seven-day trailing basis. ETH traded 2.29% lower at $2,546.93 over 24 hours.
Why It Matters: On Tuesday, MicroStrategy announced a stock offering worth $1 billion and said it would use some of the proceeds to purchase even more Bitcoin.
See Also: MicroStrategy’s Michael Saylor Stands By Bitcoin Amid Big Sell-Off
The announcement came on the heels of MicroStrategy completing a $500 million junk bond sale for the purposes of buying Bitcoin.
MicroStrategy is among the top institutional names that hold Bitcoin, others include Jack Dorsey-led Square Inc (NYSE:SQ) and Tesla Inc (NASDAQ:TSLA).
MicroStrategy holds 92,079 BTC, worth $3.72 billion at press time, in a newly formed subsidiary MacroStrategy LLC. It doesn’t hold any other cryptocurrency.
Price Action: MicroStrategy shares closed 5.36% higher at $630.54 in Wednesday’s regular session and gained 0.55% in the after-hours session.
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