Michael J. Saylor, Co-Founder, CEO, and Chairman of MicroStrategy Inc., a global business analytics company, believes the cryptocurrency market fall is “excellent” for Bitcoin.

Back in August 2020, the company announced through a press release that it had bought around 21,454 Bitcoins at a cumulative price value of $250 million to use as a “primary treasury reserve asset.” At the same time, he said: “Our decision to buy Bitcoin at such unprecedented times was driven in part by a combination of macro factors affecting the business and financial landscape that we believe is generating risks for our corporate treasury program in the long term. These are the risks that should be addressed proactively.”

The company has continued to invest in Bitcoin since then, and Saylor has become one of the biggest and most outspoken supporters of Bitcoin. As per the company’s March 2022 10-Q filing, MicroStrategy now has approximately 129,218 Bitcoins in its HODL. The company has invested around $3.97 billion for an average price of $30,700 per Bitcoin. In short, it can be said that MicroStrategy’s stock price mirrors the cryptocurrency’s price trajectory.

During an interview on May 13, 2022, Saylor mentioned that cryptocurrency tokens can be separated into three major groups — a reality that was highlighted last week following the decline in prices of major cryptocurrencies.

Saylor also appeared to be highly optimistic about the recent crypto market fall: “The entire crypto ecosystem consists of one perfect thing, a few imperfect things, and a myriad of dangerous things. My discussion with Charles V. Payne on Bitcoin, altcoins, stablecoins, digital assets, and the recent market crash will drive regulation, education, and its institutional adoption.” Charles V. Payne is an American Fox Business Network financial journalist and the host of Fox’s Making Money with Charles Payne.

“Bitcoin Going to Reach Millions”

Saylor said he’s in Bitcoin investment for the long term and his strategy is to buy and hold the cryptocurrency firmly.

In a statement to Yahoo Finance Live, he said:

“There’s no price limit. I intend to buy Bitcoin at the local top always and I expect the cryptocurrency to reach millions one day. So we’re extremely patient and we think it’s going to be the future of currency in general.”

He further added, “Over time, I think as people get more educated and comfortable with the cryptocurrency and its potential, we’ll surely recover from this tailspin.”

In the wake of Terra’s recent crash, Saylor said that authorities are going to expedite their regulation of stablecoins and crypto security tokens and that the ultimate winner will be Bitcoin.

“Once people understand why Bitcoin is above everything else, then the institutions are going to invest in the cryptocurrency in large sum amounts. Additionally, we’re not going to have to fight through this why Bitcoin is different than 19,000 other cryptocurrency tokens,” he said.

Since the majority of crypto tokens aren’t registered securities, financial institutions and investors are preventing themselves from investing in them. This, in turn, is holding back the digital asset class as a whole. Saylor also thinks that Lightning — a network applied to Bitcoin that accelerates its ability to carry our transactions efficiently — is the future of payments. In terms of cryptocurrency prices, Bitcoin is trading up 1.73% at $30,421 as of this writing.

Source: coinnounce.com

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