Co-founder and CEO of enterprise analytics firm MicroStrategy Michael Saylorreiterated that the long-term trend for Bitcoin price is bullish despite the gloomy mood in the crypto markets.
New on Fox News report Saylor stated that the leading crypto-asset is “the surest thing” in the current uncertain environment.
“In a market full of chaos, turmoil and anger, people seek a ‘safe haven’ to avoid interference from a government, agency or company. Bitcoin promises a fair, open, equitable network with very simple methods to anyone who wants to participate. What you have in this network is yours alone and no one can take it away from you.”
Saylor, while making the safe harbor analogy for Bitcoin, bitcoin price It was around $29,600, where it lost nearly 60% from its all-time high of $69.00. Although the price has risen a little more since the interview, it is still far from the $69,000 level.
MicroStrategy CEO also highlighted the fact that despite Bitcoin’s poor performance over the past few months, BTC has more than tripled since the start of the pandemic.
“No asset in the market will find a place to escape because the ‘bear’ dominates the markets. Bonds cannot be a safe haven as they are currency derivatives. Stocks have to grow their cash flows faster than the rate of ‘inflation’.
But since the start of the COVID-19 pandemic, the US money supply has risen 36%, gold has risen 7%, the S&P index has risen 29%, while the NASDAQ has risen only 19%. While all this is happening bitcoin increased by 229%. If you can withstand the volatility in the markets, you may find that you are in a safe haven in the long run.”
Saylor also stated that he and his company will continue to buy more BTC regardless of the price.
“We will continue to buy more Bitcoins as long as we have money, and our goals in this regard are quite long-term. The network is getting better every day, the adoption rate is increasing. On the other hand, the regulations are quite constructive.
I will buy from the top forever. Maximalists believe that Bitcoin is a tool of economic empowerment. I’m not trying to spend time on the market.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.