Michael Saylor Says Republicans Have More 'Progressive’ View on Crypto, Democrats ‘Drifting to the Middle’

MicroStrategy has purchased roughly $8.3 billion worth of bitcoin since August 2020.

MicroStrategy (MSTR) Executive Chairman Michael Saylor believes that Republicans are more progressive in their views on crypto and bitcoin (BTC) compared to Democrats.

“There’s no doubt the Republicans have taken a very pro crypto stance [...] Trump in particular,” Saylor said in a CNBC appearance on Monday when asked about the impact of the presidential election on the industry.

“At this point the Republicans have shifted to way progressive and the Democrats are drifting to the middle [...] in terms of their view toward crypto and bitcoin,” he added.

Of U.S. Securities and Exchange Commission Chairman and crypto gadfly Gary Gensler's role in a potential Harris administration, Saylor said it was above his pay grade to answer that question.

Saylor appeared unbothered by bitcoin's recent brutal run, which saw the price tumbling to about a seven-month low below $53,000 last week. He reiterated his belief that bitcoin, which now accounts for 0.1% of global capital, will eventually rise to 7% of global capital, or a price of $13 million over the next two decades.

MicroStrategy, which recently rebranded itself to a bitcoin strategy company, now says its primary business is to securitize the world's largest crypto. The company started purchasing bitcoin in August 2020 and currently owns roughly $8.3 billion worth of the asset at the current price.

Shares of MSTR have risen 879% since the company began buying bitcoin, although they have slipped 20% over the past six months due to the poor performance of BTC.