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Rapper sensation Drake posted a video of Michael Saylor praising Bitcoin as a store of value to his 146 million Instagram followers.
The clip is taken from a CNBC interview with Saylor in which the MicroStrategy co-founder said Bitcoin will ”eat gold” because it is a superior asset.
The video shared by the Grammy-award winner has Bitcoin bull Saylor saying Bitcoin is a store of value and not a medium of exchange.
Saylor believes that Bitcoin exchange-traded funds (ETFs) will not only outperform gold ETFs but also compete with the S&P 500 Index.
JUST IN: Rap legend Drake posts a Michael Saylor #Bitcoin video to his 146 million Instagram followers 🔥pic.twitter.com/T79xwzvDXX
— Bitcoin Magazine (@BitcoinMagazine) March 12, 2024
Does Drake’s Michael Saylor Video Show Celebrity Endorsements Are Back?
The clip may indicate the beginning of a comeback for celebrity endorsements of cryptocurrencies.
Celebrities have promoted Bitcoin and other crypto projects during previous bull markets, but in some case have faced subsequent legal consequences.
During the 2021 bull market, the now-defunct FTX exchange partnered with celebrities like Tom Brady, Kevin O’Leary, and Larry David to promote the exchange. However, the celebrities now face a class-action lawsuit after the crypto exchange collapsed.
With Bitcoin trading at all-time high levels above $73,000, a similar trend is at play. Such endorsements have previously piqued the interest of retail investors in cryptocurrencies, helping to drive prices higher.
Drake himself is not new to Bitcoin. During the 2022 Super Bowl, the rapper used Bitcoin to place bets.
Michael Saylor Dumps $MSTR
Separately, a filing with the US Securities and Exchange Commission (SEC) shows that Saylor sold 1,050 MicroStrategy (MSTR) shares on March 8. The sale happened at an average price of $1,415 per share.
The executive chairman of MicroStrategy has sold a total of 205,000 MSTR shares over the years but has not made any purchases.
His sale comes as MicroStrategy accumulates more Bitcoin. The analytics firm recently purchased 12,000 BTC for $821 million. It now holds 205,000 BTC purchased for $6.91 billion.
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