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Rapper superstar Drake tweeted a video of Michael Saylor touting Bitcoin as a store of wealth to his 146 million Instagram followers.
The tape is taken from a CNBC interview with Saylor in which the MicroStrategy co-founder predicted Bitcoin would ”eat gold” since it is a better asset.
The video uploaded by the Grammy-award winner features Bitcoin bull Saylor arguing Bitcoin is a store of wealth and not a method of commerce.
Saylor thinks that Bitcoin exchange-traded funds (ETFs) would not only beat gold ETFs but also compete with the S&P 500 Index.
Does Drake’s Michael Saylor Video Show Celebrity Endorsements Are Back?
The footage may herald the beginning of a resurgence for celebrity endorsements of cryptocurrency.
Celebrities have promoted Bitcoin and other crypto projects during prior bull markets, but in some circumstances have suffered severe legal implications.
During the 2021 bull market, the now-defunct FTX exchange teamed 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 crashed.
With Bitcoin trading at all-time high levels over $73,000, a similar pattern is at play. Such endorsements have previously aroused the curiosity of individual investors in cryptocurrencies, helping to push prices upward.
Drake himself is not new to Bitcoin. During the 2022 Super Bowl, the rapper utilized Bitcoin to put bets.
Michael Saylor Dumps $MSTR
Separately, a filing with the US Securities and Exchange Commission (SEC) discloses that Saylor sold 1,050 MicroStrategy (MSTR) shares on March 8. The transaction proceeded at an average price of $1,415 per share.
The executive chairman of MicroStrategy has sold a total of 205,000 MSTR shares throughout the years but has not made any acquisitions.
His sell occurs as MicroStrategy gathers more Bitcoin. The analytics business recently purchased 12,000 BTC for $821 million. It presently possesses 205,000 BTC acquired for $6.91 billion.
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