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Michael Saylor says market crash will benefit Bitcoin

Michael Saylor
TL;DR Breakdown
  • Michael Saylor predicts good fortune for BTC after the crash
  • Microstrategy holds more than 129,000 BTC
  • The CEO predicts massive Bitcoin adoption after the crash

Michael Saylor, the CEO, and Co-founder of Microstrategy, has allayed fears over the recent decline posted in the crypto market. According to the Microstrategy boss, this recent crash will position Bitcoin for greater things to come. Notably, the current crypto market crash has been ongoing for weeks, with more tokens joining the bearish party. The crash was triggered by fear due to the massive decline witnessed by Terra’s native token, LUNA, weeks ago.

Microstrategy holds more than 129,000 Bitcoin

In 2020, Microstrategy took a huge leap to join the crypto market after the firm officially announced that it had dipped its hands in Bitcoin. The firm bought more than 21,000 Bitcoin with a cumulative price of $250 million during the period. According to Michael Saylor, the purchase during the period was triggered by several factors affecting the economy and business. Since that period, Michael Saylor has overseen the company’s acquisition of more Bitcoin in the years down the line.

Asides from that, the CEO was starkly against digital assets before the purchase but switched sides to become a well-known advocate of the token. The firm announced another purchase some months ago, which puts the final figure of the Bitcoin in its confines close to 129,000. During the period of purchase, the firm officially bought each asset at around $30,000 with a cumulative value of $3.97 billion.

Michael Saylor predicts increased Bitcoin adoption

In his recent interview with Fox Business, Michael Saylor pointed out that digital assets are grouped into three classes. This assumption was confirmed in the recent market dip over last week. In his words, Michael Saylor mentioned that one of the established truths of the market is that Bitcoin is king and is perfect. The second confirmed truth is that stablecoins are gradually seeing adoption as participants have purchased the assets.

Finally, he mentioned that the third class is altcoins that have not undergone any regulatory approvals. The Microstrategy CEO also discussed how this crash was the best for Bitcoin while predicting that more stablecoins would undergo the much-needed regulatory oversight. Saylor mentioned that the crash opened traders up to the difference between Bitcoin and other tokens in the market. He also said that Bitcoin could also trigger the entrance of more firms into the crypto space in terms of adoption.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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