Identifying what MicroStrategy’s Saylor thinks is ‘great for Bitcoin’
The crypto-market crisis, according to Michael Saylor, Co-Founder, Chairman, and CEO of MicroStrategy Inc., is “great” for Bitcoin. Contrary to most, the frantic price action in the Bitcoin market does not appear to disturb the exec. In fact, he has another bold prediction for Bitcoin, despite it struggling to stay above $30,000.
The exec, who started building his Bitcoin reserves in 2020, recently claimed that he is in it for the long haul. And, his strategy has remained unchanged – Buy and hold the world’s largest cryptocurrency.
According to the MicroStrategy exec,
“I think this entire crypto crash is going to be great for Bitcoin. It’s going to accelerate some much-needed regulation of stablecoins, Altcoins, and the exchanges. It’s eliminating the political deadlock. It’s educating the world on the difference between Bitcoin and security tokens, and that’s going to facilitate the entry of institutions into this space.”
Investor confidence was severely shaken by Terra and UST’s disastrous downward spiral. According to Saylor, this episode will aid in the regulation of stablecoins and security tokens.
He added that this decline, as well as associated regulations, are “good for the industry.” People will eventually see that Bitcoin is better than the thousands of other crypto-assets.
The MicroStrategy CEO also indicated that Bitcoin is the future of money. However, scaling out to billions of transactions requires an “ethically, commercially, and technically sound” foundation layer and second layer. Something like the Lightning Network.
It is quite unclear how long this bullish psychology is going to last. MicroStrategy remains the top corporate Bitcoin holder, with 129,218 BTCs. Their big BTC ownership is slightly in the red
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