Original text -CNBC

Compiled - Nan Zhi

Yesterday,MicroStrategy once again announced the purchase of 155 BTC, bringing its total holdings to 158,400 BTC, the current total average cost is 29,586 USDT, and if calculated based on the market price of 34,600 USDT, the floating profit reaches US$790 million. It was also yesterday,MicroStrategy co-founder Michael Saylor participated in an interview with CNBC, Odaily compiled and compiled the interview content as follows.

Optimistic about the three attributes of Bitcoin

Q: Is 158,000 BTC enough? Will you still buy it?

A：You can never say own too many Bitcoins.

We are experts in Bitcoin. We believe that Bitcoin is a digital asset but without the risks and liabilities of commercial real estate; it is a digital commodity without the risks and liabilities of gold; it is a digital technology investment without the risks and liabilities of large technology companies. So we are bullish.

MicroStrategy is simultaneously growing other businesses

Q: People sometimes forget that you are an enterprise software company. I noticed youre working on some new partnerships with Microsoft on AI, and Im wondering if this good news is being glossed over.

A: We are very excited about our partnership with Microsoft and AI. We were the first BI company to incorporate AI into our product line. It provides a huge AI boost to our business intelligence business. We will grow the business by acquiring new customers and accelerate cloud adoption among our customer base.

Bitcoin spot ETF poses no threat

Q: It seems likely that the SEC will approve a Bitcoin spot ETF. Will the introduction of ETFs help or hurt investor interest in MicroStrategy?

A: I think it will help. It will accelerate adoption, and it will also accelerate institutional awareness and education efforts on Wall Street to educate the 99% of investors who don’t understand Bitcoin.

MicroStrategy offers differentiated products. I think a spot Bitcoin ETF would be a good thing for investors, but we dont charge fees. We use smart leverage where we can generate tax-deferred Bitcoin premiums for our investors. therefore,For those who are truly bullish on Bitcoin long-term, we are a very attractive alternative to spot ETFs。

Q: It sounds like you think MicroStrategy as a stock will continue to command a premium relative to Bitcoin.

A: Youre not charging fees, youre generating a premium, and if you hold it for a long time, then people will think its going to be valued at a premium relative to the underlying asset.

Halving will boost the rally

Q: Bitcoin will halve next year, what will happen when this happens, and what impact will this have on the price of Bitcoin?

A: Most of the natural sellers of Bitcoin in the market today are Bitcoin miners who must sell to pay electricity and capital costs and pay down debt. This equates to approximately $1 billion being sold to the market each month. The (Bitcoin) protocol mandates that it be halved around late April next year. So youre looking at $12 billion in organic sales per year translating into $6 billion in organic sales per year, while things like spot Bitcoin ETFs increase demand for Bitcoin. so thats whyWe are all quite optimistic about the next 12 months. Demand will increase, supply will contract,This is quite unprecedented in the history of Wall Street。

No idea when spot ETFs will pass

Q: Can you tell us when SEC approval of a Bitcoin spot ETF might happen?

A: Bloomberg analysts believe this will likely happen in early January. I think it will happen when it happens.

But in the long run, I think the most important thing is that institutions are adopting Bitcoin. This is likely to happen,If not in the first quarter of next year, then sometime in the next 12 months, if you have a time horizon of 12 months to 48 months, this is a very ideal entry point.

Impact of new accounting standards

Q: The Financial Accounting Standards Board voted unanimously to adopt a new standard requiring companies to use fair value accounting for Bitcoin and other crypto assets. More guidance is expected before the end of this year, followed by implementation in 2025. What does this mean for MicroStrategy? What does this mean for the wider company? Does it make it more attractive to start holding Bitcoin.

A: In the long term, this will create opportunities for businesses to adopt Bitcoin as a “treasury” asset and create shareholder value through their balance sheets. The secret at MicroStrategy is that we are leveraging our balance sheet as well as our PL.We have over $5 billion in assets on our balance sheet and Bitcoin is growing three to four times the cost of capital。

So imagine what would happen if other companies were able to use their balance sheets as assets instead of liabilities. Currently, the existing accounting system favors the use of credit and treasury bonds, and the after-tax returns of credit cannot keep up with the cost of capital. As a result, most companies engage in equity-increasing strategies such as mergers and acquisitions, share buybacks, and dividends, which are taxable. They cant truly hold billions of dollars of capital and beat the cost of capital and generate shareholder returns.

The crypto industry needs to move to a mature system

Q: There are still bad and dark cases in cryptocurrency, what is your opinion?

A: I think that the debt or the early crypto cowboys, the crypto tokens, their unregistered securities, the unreliable custodians have brought the industry level up and we need to move to mature regulation.

We need big banks to be the custodians of cryptocurrencies. We need Wall Street to play a role and we need to move away from our reliance on tens of thousands of cryptocurrencies.

Bitcoin is an asset without an issuer. It is a recognized protocol and is a commodity in space. So while Wall Streets big banks and responsible custodians manage Bitcoin, and the industry turns its attention away from the dizzying array of smaller tokens that distract and undermine shareholder value,I think this industry will move to the next level and will hopefully increase in value tenfold.