MicroStrategy Stock Rallies 10% as CEO Saylor Predicts Bitcoin “Will Hit Millions”
According to reports on Thursday, the recent drop in the value of bitcoin has not changed MicroStrategy’s investment tactics.
MicroStrategy jumped more than 10% on Thursday along with Bitcoin, which was trading 5% higher despite the S&P 500 struggling to trade flat.
Saylor obviously remains bullish on bitcoin despite the recent market crash. As of March 29, the business intelligence and cloud services company held 129,218 BTC despite trading down.
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Bitcoin will be worth more than a million dollars
Michael Saylor, CEO of MicroStrategy, said in an interview with Yahoo Finance Live on Thursday that he expects Bitcoin to be worth more than $1 million in the future and that he believes it is the “currency of the future.”
Saylor said: “There is no target price. I predict that we will always buy bitcoins at the local peak. And I predict that Bitcoin will hit the millions. So we are very patient. We believe this is the future of money.
Michael Saylor has a very bullish prediction for the “currency of the future” (TheStreet).
The billionaire said that the fact that most cryptocurrencies are not registered securities creates a barrier that can deter potential investors and hamper the asset class as a whole.
Microstrategy believes that Bitcoin is the “top cryptocurrency”
Saylor said: “Once people understand why Bitcoin is superior to everything else, institutions will invest huge amounts of money and we won’t have to struggle with this long explanation of how we differ from 19,000 other cryptocurrencies.”
Bitcoin, according to Saylor, fell along with other risky assets such as stocks as the Federal Reserve pushed to raise interest rates and investors sold riskier assets or assets whose prices skyrocketed.
Total BTC Market Cap at $576 Billion on Daily Chart | Source: TradingView.com
This, according to the CEO, is separate from the collapse of stablecoin TerraUSD and its sister token LUNA, which he says will accelerate regulatory efforts for stablecoins and security tokens.
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Saylor has been positive on bitcoin for some time. In February, he said there is evidence of a significant increase in institutional acceptance. In November 2017, he predicted that Bitcoin would become a $100 trillion asset class.
“Over time, as people become more educated and comfortable, I think we will recover from this retreat,” he said.
Meanwhile, MicroStrategy’s new CFO Andrew Kang told Bloomberg that the company has no plans to liquidate any of its bitcoin holdings despite the current selling frenzy caused by unpredictable bitcoin prices.
YouTube Featured Image, Chart from TradingView.com
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