by Kevin Helms
Microstrategy’s CEO has predicted that bitcoin is “going to go into the millions” despite the recent cryptocurrency market sell-off. Noting that the cryptocurrency is the future of money, he said: “We are in it for the long term.”
The CEO of the Nasdaq-listed software company Microstrategy, Michael Saylor, shared his bitcoin outlook Thursday in an interview with Yahoo Finance Live.
The executive is still bullish on bitcoin despite the recent sell-off. He was asked whether there is a price target at which Microstrategy will start liquidating some of its bitcoins. The company is currently hodling 129,218 BTC.
“No,” the CEO replied, emphasizing, “we are in it for the long term.” He elaborated: “Our strategy is to buy bitcoin and hold the bitcoin, so there’s no price target. I expect we’ll be buying bitcoin at the local top forever.” He continued:
I expect bitcoin is going to go into the millions. So, we’re very patient. We think it’s the future of money.
Commenting on cryptocurrency regulation, he noted that “There’s been a deadlock in D.C. and on Capitol Hill around stablecoin regulations and around securities token regulations.” Saylor added that “the Administration wants to move faster” but “Congress is moving slower.”
The Microstrategy chief opined:
I think this meltdown of LUNA, UST, that’s going to accelerate the regulations of stablecoins and security tokens, which will be a good thing for the industry.
“Over time, I think as people get educated and as they get more comfortable, I think we’ll recover from this drawdown,” he concluded.
Saylor has long been bullish on bitcoin. In February, he said there’s evidence of a lot more institutional adoption. In November last year, he said bitcoin will emerge as a $100 trillion asset class.
What do you think about the comments by Microstrategy’s CEO? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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by Kevin Helms