MicroStrategy CEO Michael Saylor claims that Bitcoin’s near-term volatility is largely irrelevant once you understand its fundamentals and how difficult it would be to create something better. In an interview, Saylor said that he isn’t perturbed by Bitcoin’s price swings in recent times while adding that BTC has to fall at least 95 percent for the company to consider selling any of its accumulated reserves. Saylor further added that people who have invested at least $100 (roughly Rs. 7,770) in Bitcoin can speak about it but others shouldn’t have any opinion about it.
“Bitcoin is the most certain thing in a very uncertain world, it’s more certain than the other 19,000 cryptocurrencies, it’s more certain than any stock, it’s more certain than owning property anywhere in the world,” he said in an interview with The Block.
Many analysts have been saying that Bitcoin and the broader crypto market have entered a bear market. Commenting on it, the MicroStrategy CEO said he wouldn’t like to focus on near-term prices.
“I don’t know if it’s a bear market or not, but if it is a bear market, then we had three of them in the last 24 months. If you’re not planning to hold it for four years, you’re not really an investor at all, you’re a trader, and my advice for traders is don’t trade it, invest in it,” he added.
MicroStrategy started adding Bitcoin to its balance sheet back in August 2022. In less than two years it has already amassed 129,218 Bitcoins. Currently, Bitcoin is trading close to the company’s average purchase price of $31,537 (roughly Rs. 24.5 lakh).
Michael Saylor also happens to be one of the most bullish people on Bitcoin and its future. Right in the mid of a heavy market correction in May 2022, Saylor spoke to Yahoo Finance recently where in an interview, he said that his company will continue to buy Bitcoin forever.