• Michael Saylor, the former CEO of MicroStrategy, is still confident in bitcoin despite its volatility.
• In 2020, when Saylor began to invest in BTC it cost him more than $1 billion.
• Despite its volatility and price drop in 2021, Saylor believes that Bitcoin is still the best performing asset over the past two and a half years.
Michael Saylor Still Believes in BTC
Michael Saylor – the former CEO of MicroStrategy – is confident that despite all that’s happened over the past year or so, bitcoin is still a major safe haven for traders and investors. First beginning his bitcoin investments in late 2020, Saylor has continued to add the digital currency to his company’s balance sheet, a decision that has wound up costing MicroStrategy more than $1 billion at the time of writing.
2022: A Year of Volatility
2020 saw many leading assets (like bitcoin) lose a minimum of 70 percent of their values over the course of 12 months. Hitting a new all-time high of about $68,000 per unit in November 2021, BTC ended 2022 in the mid-$16K range. This caused the space to lose more than $2 trillion in valuation. Despite this downturn, Saylor remains confident that Bitcoin is still an excellent investment opportunity for institutional investors looking for a safe haven asset class.
FTX Might Have Been a Good Thing
Not long ago, Saylor commented on the FTX debacle and said that while it was no doubt harrowing; it ultimately helped crypto space progress significantly as well as draw attention from mainstream investors who may not have been interested prior to this event occurring.
When discussing how effective MicroStrategy’s corporate strategy is regarding Bitcoin investments; he pointed out how their stock was directly linked with BTC’s performance: Nobody who talks about bitcoin points out that despite its volatility, it’s best-performing asset over the past two and a half years. MicroStrategy stock is levered against bitcoin.
Despite some losses over recent years related to his bitcoin investments; Michael Saylor remains bullish on cryptocurrency and specifically on Bitcoin due to its potential as an alternative asset class with unique characteristics compared to other traditional markets such as stocks and fiat currencies