MicroStrategy Prepared to Take on Competition from Top Firms Like JP Morgan, Saylor Insists

Michael Saylor has insisted that Strategy is ready to take on competition from top firms like JP Morgan, spotlighting its unique business model as an advantage.

Michael Saylor, the renowned Bitcoin evangelist and executive chairman of Strategy, has expressed the company’s willingness to take on competition from top firms like JP Morgan, highlighting Strategy’s unique business model as an advantage.

During his appearance on the Bloomberg Crypto Show with Matt Meilier and Katie Greifeld, Saylor emphasized that Strategy is prepared to face any competitors in the crypto space.

Asked if he was bothered by JPMorgan’s teased crypto venture, Saylor responded that he was unperturbed.

Prominent investment firm JPMorgan Chase recently announced that it would offer some clients financing with crypto products, such as Bitcoin ETFs, as collateral. This development follows an earlier disclosure that it would soon allow its clients to buy Bitcoin.

The move suggests the firm’s desire to deepen its ties with the crypto industry and compete directly with firms like Strategy, which is fully backed by Bitcoin and issues the most liquid preferred stocks with the highest performance.

JPMorgan Will Buy Bitcoin At $1 Million

As a result, the chairman stated that he is not daunted by the prospect of competition from either JPMorgan or Warren Buffett’s Berkshire Hathaway. However, he suggested that they might be buying Bitcoin at a higher price than its current level.

Specifically, he suggested that they would be buying at $1 million, reaffirming his earlier comments about when top financial advisors would start recommending Bitcoin exposure. For the uninitiated, Saylor noted in a tweet on May 1 that the crypto leader would hit $1 million before wealth managers would say it’s okay and $10 billion before they recognize it’s a good idea.

Nonetheless, Saylor perceives this idea as bullish for Bitcoin, stating that JPMorgan’s adoption would drive prices up and favor holders of the asset or products tracking its performance.

Ultimately, Saylor’s aim is to draw more firms into buying Bitcoin. He had previously pitched the asset to Microsoft and recently encouraged Apple to gain exposure.

The Strategy co-founder also stated in the interview that there would be no bear market for Bitcoin again, and he predicts it will reach $1 million. He suggested that naysayers like Buffett and JPMorgan CEO Jamie Dimon could come around with time, attributing their disbelief to a lack of understanding.