32.8 C
Dubai
Sunday, May 26, 2024
HomeBitcoin NewsMichael Saylor Hints at Potential Bull Run for BTC

Michael Saylor Hints at Potential Bull Run for BTC

Date:

Related stories

Michael Saylor – the former CEO of software giant MicroStrategy – is predicting big things for bitcoin.

Michael Saylor Is Still a BTC Fan

Not long ago, Saylor issued a separate interview that clearly showed him to be a full bitcoin maximalist. He insinuated that he would never live it down, nor would he ever lose hope that the world’s number one digital currency by market capitalization would amount to something. In this more recent interview, he took his ideas and comments to the next level.

He stated that he thinks a regulatory crackdown on digital markets will ultimately work well for the asset. In addition, he said that the next halving – currently scheduled for 2024 – will help bring BTC to a new level of trading and appreciation. Saylor commented:

I think the crypto tokens and crypto securities are going to be regulated, perhaps out of existence. Bitcoin is the most secure network. It’s the most secure asset. Everything else has got a black cloud hanging over it. You’re going to see a consistent flow of capital flowing from the rest of the crypto ecosystem [into] bitcoin.

Saylor has had a very long (and up and down) history with crypto. First catching the bitcoin bug in late 2020, he began investing his company’s reserves in the asset in August of that year. When he first started to make profits, additional investments came, and at first, it looked like everything was going his way.

However, in early 2022, when the market began to crash, Saylor continued to invest in BTC even though losses were beginning to pile up, and this behavior continued despite what has come to be known as one of the worst bear markets in the history of crypto. Before long, he had put his company into billions of dollars and debt, and the world saw him resigning from the CEO post he had held for over 30 years.

Despite all the issues he’s endured, Saylor still believes in BTC. He said:

The FASB initiative to adopt fair value accounting is a very auspicious development.

Working Out the Kinks

He further commented that while the industry is enduring “growing pains,” here and there, this is to be expected from something that’s still very much in an infant-like state. He mentioned that bitcoin and crypto need to go through these hindrances to be developed into lasting, strong tools that investors can truly benefit from. He stated:

Nearly all of the bad leverage has been squeezed out. Everyone in the business of shorting bitcoin, rehypothecating bitcoin, loaning bitcoin, they’ve all [gone] bankrupt. The remaining exchanges where you can short it are under a massive amount of regulatory pressure. I think bitcoin [has] found the bottom. I think the leverage is out of it. I think we’re on a bull run.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

Latest stories