By
Steve Muchoki
April 19th, 2024
Michael Saylor said he is not interested to make any short-term predictions and that his company won’t take any call of selling unless BTC price corrects 95%.
Bitcoin has been through a rough phase correcting more than 40% so far in 2022. Moreover, Bitcoin has been exhibiting strong price volatility during the crypto market crash of May 2022. But MicroStrategy CEO Michael Saylor isn’t perturbed at all with the recent BTC price swings. He added that Bitcoin’s near-term volatility becomes largely irrelevant once one understands Bitcoin’s fundamentals. Saylor also added that his company is in no rush to sell its Bitcoin holdings.
He added that BTC has to fall at least 95% for the company to consider doing anything. During an interview with The Block last week, Saylor said:
“Bitcoin is the most certain thing in a very uncertain world, it’s more certain than the other 19,000 cryptocurrencies, it’s more certain than any stock, it’s more certain than owning property anywhere in the world”.
He further added that people who have invested at least $100 in Bitcoin can speak about it. But others shouldn’t have any opinion about it believes Saylor.
MicroStrategy started adding Bitcoin to its balance sheet back in August 2022. In less than two years it has already amassed 129,218 Bitcoins. Currently, Bitcoin is trading close to the company’s average purchase price of $30,700.
Many analysts have been saying that Bitcoin and the broader crypto market have entered a bear market. Commenting on it, the MicroStrategy CEO said he wouldn’t like to focus on near-term prices.
“I don’t know if it’s a bear market or not, but if it is a bear market, then we had three of them in the last 24 months. If you’re not planning to hold it for four years, you’re not really an investor at all, you’re a trader, and my advice for traders is don’t trade it, invest in it,” added he.
Michael Saylor: Will Buy BTC Even at the Top
MicroStrategy’s Michael Saylor is one of the most bullish people on Bitcoin and its future. Right in the mid of a heavy market correction in May 2022, Saylor spoke to Yahoo Finance. During the interview, he said that his company will continue to buy Bitcoin forever. Saylor said:
“There’s no price target. I expect we’ll be buying bitcoin at the local top forever. And I expect bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money.”
Amid the solid turbulence, Michael Saylor also assured MicroStrategy investors to not get disturbed by explaining that the company has enough provisions to deal with such a market crisis. Furthermore, he also lauded the company’s bitcoin experiment in the shareholders’ letter.
Saylor believes that Bitcoin is the future of money. Furthermore, he is also bullish on Lightning Network’s ability to scale the Bitcoin network for daily transactions. “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 Lightning.”