According to Thursday’s reports, the recent decline in bitcoin’s value has not altered the investment tactics of MicroStrategy.
MicroStrategy surged more than 10 percent on Thursday alongside Bitcoin, which was trading about 5 percent higher despite the S&P 500 struggling to trade flat.
Saylor is evidently still optimistic about bitcoin despite the recent market decline. Since March 29, the business intelligence and cloud services company has held 129,218 BTC though it has been trading in a sharp downturn.
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Bitcoin To Be Worth Over A Million Dollars
Michael Saylor, CEO of MicroStrategy, stated in an interview with Yahoo Finance Live on Thursday that he expects Bitcoin will surpass $1 million in value in the future and that he believes it is the “currency of the future.”
Saylor stated, “There is no pricing goal. I anticipate that we will forever purchase bitcoin at the local peak. And I anticipate bitcoin to go into the millions. So we’re really patient. We believe that it is the future of money.”
Michael Saylor has a very bullish prediction for the "currency of the future" (TheStreet).
The billionaire stated that the fact that the majority of cryptocurrencies are not registered securities creates a barrier that can deter potential investors and hinder the asset class as a whole.
Microstrategy Believes Bitcoin Is The ‘Superior Crypto’
Saylor stated, “Once people understand why bitcoin is superior to everything else, institutions will invest large quantities of money, and we won’t have to battle through this lengthy explanation of how we differ from 19,000 other crypto currencies.”
Bitcoin, according to Saylor, has declined alongside other risk assets, such as stocks, as the Federal Reserve has pushed to raise interest rates and investors have sold off riskier assets or assets with soaring prices.
BTC total market cap at $576 billion on the daily chart | Source: TradingView.com
This, according to the CEO, is distinct from the collapse of the stablecoin TerraUSD and its sister token LUNA, which he believes will expedite regulatory efforts for stablecoins and security tokens.
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Saylor has been positive on bitcoin for some time. In February, he stated that there is evidence of a significant increase in institutional acceptance. In November of 2017, he predicted that bitcoin would become a $100 trillion asset class.
“Over time, as people get more educated and comfortable, I believe we will recover from this drawdown,” he said.
Meanwhile, MicroStrategy’s new chief financial officer, Andrew Kang, told Bloomberg that the company has no plans to liquidate any of its bitcoin holdings despite the current sell-off frenzy caused by unpredictable bitcoin prices.
Featured image from YouTube, chart from TradingView.com