Tech tycoon and vocal supporter of Bitcoin Michael Saylor says market swings do not deter him, and he is still fully committed to the top cryptocurrency in the world. Saylor recently stated in an interview with Bloomberg TV that he was “buying forever,” reaffirming his bullish position and possibly impacting the highly volatile cryptocurrency market.
According to data from Coingecko, Bitcoin was trading at $51,433 when writing, down a pitiful 0.4% over the previous day and rising 1.6% during the last seven.
A Ten-Year Bitcoin Journey
Saylor’s involvement with Bitcoin started in 2020 when he led MicroStrategy’s first investment, a game-changer for institutional adoption. Ever since, he has been an unrelenting defender of the digital asset, pushing for its incorporation into corporate treasury reserves.
With over 190,000 BTC, MicroStrategy has an astounding $10 billion worth of Bitcoin, demonstrating its unwavering faith in its potential. This steadfast trust also produced impressive outcomes; last week, MicroStrategy’s unrealized gains on their Bitcoin holdings reached $3.2 billion.
JUST IN: Reporter asks Michael Saylor when he plans to sell #Bitcoin
Michael Saylor: I'll be buying forever. pic.twitter.com/DJhWwB1dl1
— Watcher.Guru (@WatcherGuru) February 20, 2024
Michael Saylor: The Better Asset Class Is Bitcoin
Saylor’s commitment goes beyond just making money. According to him, Bitcoin is an inherently “better” asset than even well-known giants like the S&P 500 and gold. “There is no reason to sell the superior to buy the losers,” he said.
This steadfast conviction propelled MicroStrategy’s recent evolution into a “Bitcoin Development Company,” demonstrating their commitment to developing the ecosystem around the virtual currency.
Point Of Institutional Entry: The Influence Of Spot Bitcoin ETFs
Saylor acknowledges the trillion-dollar valuation of Bitcoin but also the need for greater accessibility. He highlights the importance of spot Bitcoin ETFs, which give investors access to the asset without having to buy and hold it directly. He thinks that this might serve as a doorway for institutional investors, accelerating the mainstream acceptance of Bitcoin.
MicroStrategy Executive Chair Michael Saylor says the approval of spot Bitcoin ETFs is “a rising tide that is going to lift all boats” https://t.co/0X0Pcz9N8S pic.twitter.com/jA1KxQEDAW
— Bloomberg TV (@BloombergTV) February 20, 2024
Is 2024 Going To Be The Year That Bitcoin Gets Institutionalized?
Saylor doesn’t hold back when discussing the future. He declares with audacity that 2024 will mark the official “year of birth” of Bitcoin as an institutional asset class. This forecast is predicated on his conviction that Bitcoin is more advanced and has more potential than gold, rendering the “outdated” precious metal obsolete.
Saylor strongly believes in Bitcoin, which is evident in his biased remarks. It is recommended that investors recognize the inherent volatility associated with cryptocurrencies and undertake their due diligence. Moreover, there are more risks because the regulatory environment around Bitcoin is still unstable.
The success of MicroStrategy’s daring shift to a Bitcoin-centric approach depends on how well it navigates the volatile and frequently unpredictable world of cryptocurrencies. It remains to be seen if 2024 will be the year that Bitcoin is institutionally crowned. Still, one thing is sure: Michael Saylor, the contemporary Midas of Bitcoin, will observe with unwavering conviction.
