Michael Saylor says bitcoin doesn't need Warren Buffett's support — and notes Microsoft has thrived without the investor's backing



The man is Warren Buffett.

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Michael Saylor, the CEO of MicroStrategy, said that thecryptocurrencies doesn't need Warren Buffet's endorsement to be wildly successful.

Cryptocurrencies were dismissed as worthless last year. Saylor highlighted the criticism from the famed investor during a presentation at MicroStrategy's virtual investor day this week.

He pointed out that other assets have done well without the support of the billionaire investor.

Saylor said that Bill Gates and Warren Buffet were best friends for nearly a generation.

"Just because successful investors don't embrace it doesn't mean that it's not going to grow," he said. Microsoft has been successful even without an investment.

After meeting Gates for the first time, Buffett bought 100 Microsoft shares, as he wanted to follow the company and its founder. He refrained from buying the stock out of concern that people would think he was getting inside information from Gates.

Saylor has been following Buffett for a long time. He defended MicroStrategy's lack of contact with investors and analysts by citing an investor's quote that the stock market is a weighing machine in the long term.

Over the past 18 months, the software executive has joked that the investor was referring to the virtual currency, called "bitcoin", with each quote. He told the website that he had failed to understand that Coca-Cola has value because of its name recognition.

Business Insider has an original article.