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MicroStrategy CEO Michael Saylor, whose software company owns about $6 billion worth of bitcoin, said the cryptocurrency doesn’t need Warren Buffett’s endorsement to be wildly successful.
Buffett dismissed cryptocurrencies last year as basically worthless because they don’t produce anything. Saylor highlighted the criticism from the famed investor and Berkshire Hathaway CEO during a presentation at MicroStrategy’s virtual investor day this week.
He pointed out that other assets have performed extremely well without Buffett’s backing, and suggested bitcoin could flourish if even 5% of institutional investors embrace it.
“Warren Buffett never bought Microsoft stock, and he was best friends with Bill Gates for nearly a generation,” Saylor said, according to a transcript on Sentieo, a financial-research site.