Saylor Bullish on Bitcoin despite massive sell off, thinks its going to go into the millions
May 21, 2022 10:11 PM
Despite recent bitcoin’s violent sell off, Microstrategy CEO Michael Saylor is rather still bullish on the top ranked cryptocurrency. The bitcoin bull said he’s in it for the long term and speaks about his holding strategy.
“I don't set price target,” Saylor revealed on an interview with Yahoo Finance Live. “I expect we'll be buying bitcoin at the local top forever. And I expect bitcoin(BTC) is going to go into the millions. So we're very patient. We think it's the future of money.”
Saylor sites bitcoin sell off with other risk assets like stocks to the Federal Reserve move to raise interest rates, which has prompt investors to lay off riskier assets or assets with valuations that had soared. That, Saylor said, is separate from the meltdown of stablecoin TerraUSD and its sister token Luna, which he thinks will accelerate efforts to regulate stablecoins and security tokens.
“That’ll be good for the industry,” he said. “Over time, I think as people get educated and as they get more comfortable, I think we'll recover from this drawdown.”
On the back of the meltdown in Terra, Saylor sights that regulators are going to hasten their regulation of stablecoins and crypto security tokens and that the winner will ultimately be bitcoin(BTC).
The Microstrategy CEO said, “as soon as people figure out why bitcoin is superior to everything else on the market, then the institutions are going to come in with large funds, and we're not going to have to struggle through this massive explanation of why bitcoin(BTC) different than 19,000 other crypto tokens,”
Saylor's views bitcoin as the future of payments
Nonetheless, Michael Saylor believes bitcoin(BTC) is the future of money, as he sees 'Lightning' a network applied to bitcoin that enables it scale up increasing its ability to do transactions more efficiently. he added:
“If you're going to do payments and transactions high speed, you're going to need a base layer that's ethically sound, economically sound, and technically sound,” he said. “That's what Bitcoin is. But then billions and billions of transactions are going to go on a layer 2 like the Lightning network.”
however, the Microstrategy CEO thinks that since most cryptocurrencies aren’t registered securities, that’s a limiting factor prevention public companies and investors from buying them and holding back the asset as a whole.