Bitcoin represents a solid investment, according to an industry expert.
Bitcoin
The cryptocurrency has recently seen a dramatic spike in value and while some people have suggested its good run cannot be maintained, Michael Saylor, the co-founder of MicroStrategy, thinks Bitcoin is here to stay.
Speaking to Bloomeberg, he explained: "Once people start thinking about what they want, which is a non-sovereign, safe-haven store of value, they’re going to realise that bitcoin does the job of gold better. If we bought gold instead of bitcoin, we would be down $2 billion. It would have been a disaster."
MicroStrategy is among the high-profile investors in the cryptocurrency and the company has already more than doubled its initial outlay.
Meanwhile, it was recently confirmed that Tesla bought around $1.5 billion of Bitcoin in January.
Elon Musk's car company announced the acquisition and revealed that, one day, the firm expects to accept it as a form of payment.
In a stock market statement, Tesla said: "We expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis."
The announcement prompted a dramatic spike in the price of the cryptocurrency.
Indeed, at one point, the price rose by as much as 17 percent, to reach $44,220.