Despite a bleak macro background, Michael Saylor, co-founder and CEO of enterprise analytics firm MicroStrategy, remains long-term positive on Bitcoin.
In a new Fox News interview, Saylor claims that the top crypto asset is the “most certain thing” in an unpredictable world.
- “In a market full of chaos and sound and fury, people need a safe place to stand apart from the intervention of a government, an agency or a corporation. Bitcoin represents a fair, open, equitable network with a very simple promise to anyone who wants to join, which is, what you own is yours, and no one is going to take it away from you.”
Saylor’s comments come after Bitcoin’s value has plummeted by over 60% from its all-time high of $69,000. BTC is now trading at $29,650 at the time of writing.
Despite Bitcoin’s poor performance in recent months, the MicroStrategy CEO points out that BTC has increased by more than threefold since the outbreak began.
“In these markets right now, there’s no simple place to hide. All indexes are bear market territory. Bonds don’t represent a safe refuge because they’re currency derivatives. Stocks have to grow their cash flows faster than the inflation rate.
But if you zoom out two years since the beginning of the Covid crisis, the US money supply has expanded 36%. Gold is up 7%. The S&P index is up 29%. The Nasdaq’s only up 19%. Bitcoin’s up 229%, so if you can stomach the volatility, you take the long view, you’ve got a safe haven there.”
Saylor claims that regardless of the price, he and his company will continue to buy more BTC.
- “Whenever I have some spare cash, we buy more Bitcoin. We are taking a very, very long view toward this. The network is only getting better. Adoption is improving. Very constructive regulation is coming out of D.C., and the lightning network is moving us closer to Satoshi’s promise of letting everybody in the world trade with each other at the speed of light in a fair and equitable fashion…I’ll be buying at the top forever. The maximalists believe that Bitcoin is an instrument of economic empowerment. I’m not trying to time the market.”
