The recent bitcoin price correction has shaken the confidence of retail investors. However, it’s not enough to deter MicroStrategy CEO Michael Saylor’s optimism. During his recent interview with Yahoo Finance, Saylor said that they are for the long haul and holding their Bitcoins tight.
“There is no target price. I hope we will be buying bitcoins at the local top forever. And I hope Bitcoin hits the millions. So we are very patient. We believe it is the future of money”.
He added that Bitcoin and the cryptocurrency market in general have fallen victim to monetary tightening by the Federal Reserve. As a result, investors have been selling riskier assets. In addition to seeing Bitcoin as the future of money, Saylor also sees Bitcoin as the future of payments. This is contrary to what he recently said FTX CEO Sam Bankman-Fried.
Saylor is confident that the Lightning Network will help Bitcoin increase its transaction capacity. He added:
“If you’re going to do high-speed payments and transactions, you’re going to need a foundation layer that’s ethically sound, financially sound, and technically sound. That is what Bitcoin is. But then billions and billions of transactions are going to go to a layer 2 like Lightning”.
No change in plans for Bitcoin
MicroStrategy already has a large number of Bitcoins in its balance and has not sold a single BTC during the market crash. Even as Bitcoin has corrected more than 50 percent from its all-time high, the company plans to continue holding them for the long term.
MicroStrategy has up to 129,218 bitcoins worth a staggering $2.9 billion at the end of March. As of May 2, the company’s BTC holdings have an average price of $30,700. Andrew Kang, who was recently named CFO of Microstrategy this month, said:
“At this time, we have no intention of selling. There are no scenarios that I know of where we would sell. MicroStrategy has not faced shareholder pressure to sell any of its bitcoin holdings. Our investors are very aligned with our strategy.
Some of the most recent volatility was certainly due to some activity outside of bitcoin. For us, we monitor that from a market perspective, but [no hay] nothing fundamental in bitcoin that we think presents any problem against our strategy”.
Microstrategy CEO Michael Saylor also spoke about the recent collapse of the TerraUSD ecosystem. He hopes that regulators will speed up the process of bringing crypto regulations to market. This will be good for both the industry and Bitcoin, says Saylor.
“That will be good for the industry. Over time, I think as people become more educated and comfortable, I think we’ll recover from this drawdown.
Once people figure out why Bitcoin is superior to everything else, institutions will come in with huge sums of money and we won’t have to wrestle with this massive explanation of why we’re different than 19,000 other tokens,” he said.