According to U.Today, Michael Saylor, the founder of MicroStrategy and a well-known Bitcoin advocate, has suggested that Warren Buffett and his investment firm, Berkshire Hathaway, should consider investing in Bitcoin. This suggestion came in a tweet following the first Berkshire Hathaway shareholders meeting that occurred earlier this week. Notably, this was the first meeting since the company's inception that took place without Charlie Munger, Buffett's long-time business partner and vice president, who passed away last year.
Buffett and Munger have been consistent critics of Bitcoin, with Buffett once referring to the cryptocurrency as 'rat poison squared.' Despite their criticism, Bitcoin has made significant strides in the financial world, surpassing Berkshire Hathaway's market capitalization last year. Currently, Berkshire Hathaway's market cap is approximately $862.05 billion, while Bitcoin's market cap stands at around $1,245,020,193,429.
Saylor's tweet suggested that Bitcoin could be a potential investment opportunity for Berkshire Hathaway. His own company, MicroStrategy, has been steadily purchasing Bitcoin since August 2020. In April, MicroStrategy bought an additional 122 BTC for $7.8 million, bringing its total holdings to 214,400 BTC, valued at approximately $13.22 billion. As a result of its Bitcoin investments and funds raised from shareholders to purchase more Bitcoin, MicroStrategy's market capitalization now stands at $21.57 billion.
In the last 24 hours, Bitcoin has seen a recovery of nearly 7%, rising from $59,000 to $63,190. Saylor's suggestion implies that Berkshire Hathaway could potentially benefit from a similar investment strategy.