Michael Saylor compares buying Dogecoin to gambling at Las Vegas
MicroStrategy CEO Michael Saylor is undoubtedly one of the biggest proponents of the leading cryptocurrency, Bitcoin. But now in an interview with NorthmanTrader’s Sven Henrich, he didn’t talk about it, instead he drew parallels between buying Dogecoin and playing Russian roulette in Las Vegas.
The allusion is made in reference to a May event: when Elon Musk, the CEO of Tesla and SpaceX, went to the Saturday Night Live TV show and the price of the doggy meme coin rose to the stratosphere and then fell precipitously.
“I will buy Dogecoin before Elon Musk comes out on Saturday Night Live. I’m going to Vegas and I’m going to bet on black.”
The billionaire added that he does not consider it unethical to gamble on “meme stocks or meme cryptocurrencies” as long as it does not impoverish his family:
We shouldn’t tell adults that they can’t. If you want to bet on sports results or if you want to bet in Las Vegas, or if you want to bet on a meme … As long as you are in your gambling bucket and do not impoverish your family.
My discussion with @NorthmanTrader was a deep review of my investment views on macro, technology, portfolio, property, monetary & wealth theory, debt, savers vs. investors vs. traders vs. speculators, #Bitcoin motivations, crypto risk & political endgame.https://t.co/RyIZ7L2HIB
— Michael Saylor (@michael_saylor) July 3, 2021
Saylor claims that those who invest money in promising companies or cryptocurrencies with use cases are the ones that actually make an investment.