Michael Saylor Explains How to Invest Like a Billionaire, and Why Bitcoin Passes the Test

MicroStrategy executive chairman Michael Saylor outlined his “Bernard Arnault test” for evaluating investments, arguing that Bitcoin meets the criteria.

What Is the Bernard Arnault Test?

Saylor describes the test as asking: “If I have a lot of money, what should I invest in that someone richer, smarter and more cultured than me will want to buy from me in ten years?” He uses the name of LVMH chair Bernard Arnault as a shorthand for ultra‑wealthy buyers with lasting taste.

Bitcoin’s Performance Under the Test

MicroStrategy first bought 21,454 BTC on August 10, 2020 at an average price of $11,652. As of the latest report, the company holds 840,447 BTC at an average cost of $75,385 per coin. Recent price action near $77,313 places the holding roughly 2.5 % above its cost basis, representing about $1.6 billion in paper gains.

On August 10, six years after the initial purchase, MicroStrategy sold 1,690 BTC at $64,262 each to support its preferred shares, which trade below par value.

Market Context and Criticism

Bitcoin has risen 20.8 % over the past month but remains about 39 % below its all‑time high of $126,080 set in October 2025. Critics such as gold advocate Peter Schiff have urged investors to sell Bitcoin and MicroStrategy stock, citing strong gold prices.

Implications for Investors

Saylor’s test encourages looking beyond short‑term price moves and focusing on long‑term demand from the world’s wealthiest buyers. He suggests evaluating Bitcoin based on potential demand in 2036 rather than current market conditions.