Popular Bitcoin advocate Michael Saylor urges multinational technological company Apple to buy BTC amid criticisms of its stock buyback program. The executive chairman of MicroStrategy (now Strategy) made the recommendation today shortly after American TV personality Jim Cramer criticized Apple’s stock buyback program. Apple Stock Buyback Program ‘Not Working’For perspective, Apple commenced a $110 billion stock buyback program last year. The move was part of an effort to boost the stock’s price by reducing the number of outstanding shares in the market. Over a year after commencing the initiative, Apple’s stock has plummeted significantly, with its price down 17.13% year-to-date. Following the devastating collapse, Cramer took to X today to criticize Apple’s stock buyback initiative, suggesting that the program is not working. The popular TV personality suggested that Apple should either abandon the initiative to ‘earn a lot’ or integrate with some of the stock. Saylor Urges Apple to Buy BitcoinIn response, Saylor stated that Apple should buy Bitcoin rather than repurchase its shares. https://twitter.com/saylor/status/1932378535676781013Saylor’s commentary does not come as a surprise as the Strategy chairman has been a major Bitcoin advocate since the company acquired its first BTC in August 2020. The Bitcoin advocate has been encouraging retail and institutional investors to acquire BTC as a shield against economic uncertainties. Strategy has continued to express its belief in Bitcoin by scooping Bitcoin almost weekly. Yesterday, Saylor announced that Strategy purchased another 1,045 BTC for $110.2 million. This boosted Strategy’s Bitcoin stash to 582,000 BTC, which is worth approximately $40.79 billion. However, with Bitcoin currently trading at $109,005, Strategy’s Bitcoin portfolio is currently worth $63.44 billion, representing an ROI of over $20 billion. Performance of Apple and Strategy’s Shares Meanwhile, Strategy’s Bitcoin exposure has positively impacted the price of its shares. While Apple’s stock has declined 17.13% since the start of the year, Strategy’s stock has surged 30.26% in the same timeframe. Moreover, Apple’s shares have experienced a slight surge of 5.14% over the past year compared with a 143.98% increase in Strategy’s stocks. Based on the incredible performance of Strategy’s shares, driven by its strong Bitcoin ties, Saylor believes Apple could boost the value of its stock by acquiring BTC. Widespread Adoption of Bitcoin Among Corporate Entities In the meantime, corporate entities are steadily joining the Bitcoin bandwagon and adding BTC to their balance sheets. Although Strategy is spearheading the corporate acquisition of Bitcoin, companies such as Metaplanet , GameStop, and Tether have also purchased significant amounts of BTC. Saylor expects more companies to follow suit in the coming weeks, joining the more than 100 public firms that currently hold BTC in their balance sheets. In his view , companies holding Bitcoin are likely to succeed compared to those that do not own the premier asset. He recently expressed confidence in his $13 million prediction for the world’s largest cryptocurrency by market cap. Saylor emphasized that he is more bullish about the forecast due to factors like increased institutional adoption, a supply squeeze, and regulatory clarity.
