With the current sell-off of risk-on assets such as bitcoin, the markets are extremely fearful and jittery. However, Michael Saylor remains just as convinced as always and he says that bitcoin is the future of money, and that it is going to be valued in the millions eventually.
Microstrategy CEO Saylor was interviewed by Yahoo Finance on Thursday, and was asked on his view about Sam Bankman-Fried recently saying that bitcoin would not become a viable payments system.
Saylor replied by referring to the fact that Bankman-Fried had acknowledged the potential of the Lightning Network for enabling the amount of transactions per second necessary for payments.
Saylor’s view is that bitcoin is the future of money, and that lightning is the future of payments. He said:
“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, and that’s what bitcoin is.”
When asked it there would be a price where Microstrategy would think about liquidating some of its holdings, Saylor replied,
“We’re in it for the long term. 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, and I expect bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money.”
On the current crypto crash Saylor says that there are certain “imperfections” in the crypto market. He cites the ongoing concern over stablecoins, and how it is a continual struggle to make them more transparent and compliant.
He talks about the “dangerous things” in crypto such as the 19 thousand or so unregistered securities. He gave the example of Luna/UST which he said was “mismanaged” and that had blown up. He said that this had brought the crypto industry to the forefront and that the issue of unregulated securities (the elephant in the room) had not been addressed by the crypto industry.
Finally, Saylor gave his view on the current drawdown for bitcoin. He said that the asset had been dragged down with all the other risk assets. He stated:
“Over time I think, as people get educated and as they get more comfortable I think we’ll recover from this drawdown.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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