Elon Musk made waves with Tesla Inc.’s announcement that it bought US$1.5 billion ($2 billion) of Bitcoin, but he is far from the first chief executive to use his rainy day fund to invest in the world’s largest cryptocurrency.

“In an expansionary, monetary environment, you want scarce assets,” said Michael Saylor, MicroStrategy Inc.’s chief executive officer, in an interview on Bloomberg Television. “The scarcest asset in the world is Bitcoin. It’s digital gold.”

Saylor has been one of the most ardent supporters of converting company cash to Bitcoin, and said last year that the Federal Reserve’s relaxing of its inflation policy helped convince him to invest the enterprise-software maker’s reserves. Bitcoin advocates point to the 21 million coins that can only ever be mined under the current version of the cryptocurrency’s software. The limit is expected to be reached in 2140.

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