• Michael Saylor, the former CEO of MicroStrategy, continues to be a major bitcoin bull despite some losses from investments in the digital currency.
• BTC suffered major losses over the past 12 months, with its value dropping from an all-time high of $68K per unit to the mid-$16K range.
• Despite this, Saylor believes that bitcoin is still the best safe haven for institutional investors.
Michael Saylor Still Believes in BTC
Michael Saylor – the former CEO of MicroStrategy – is confident that despite all that’s happened over the past year or so, bitcoin is still a major safe haven for traders and investors. First beginning his bitcoin investments in late 2020, Saylor has continued to add the digital currency to his company’s balance sheet, a decision that has wound up costing MicroStrategy more than $1 billion at the time of writing.
BTC Performance Over Past Two Years
In 2022 – which was arguably the worst period on record for the digital currency arena – saw many leading assets (like bitcoin) lose a minimum of 70 percent of their values over the course of 12 months. Hitting a new all-time high of about $68,000 per unit in November of 2021, BTC ended the following year in the mid-$16K range. Several other assets followed suit. This caused the space to lose more than $2 trillion in valuation and while things ultimately looked terrible on paper (and they still do), Saylor is not about to give up his belief in BTC anytime soon.
Saylor’s Opinion on Bitcoin
In a recent interview, Saylor commented: The only real safe haven for an institutional investor is bitcoin… When we think about the corporate strategy and its effectiveness, we go back to summer 2020… We pick [several] different benchmarks… I think most important is bitcoin’s performance. Nobody who talks about bitcoin points out that despite its volatility it’s been best-performing asset over past two and half years“. MicroStrategy stock is levered against Bitcoin as well
FTX Might Have Been Good For Crypto Space
Not long ago, Saylor commented on FTX debacle and said while situation was no doubt harrowing it ultimately helped crypto space in lot ways He stated: The crypto meltdown gave us opportunity to tell people what true power Bitcoin has and how it can create life changing opportunities… It also opened eyes to regulatory environment which will drive much needed legitimacy into cryptocurrency market“
Conclusion
Despite suffering huge losses over last year and continuing speculation surrounding BTC’s future performance Michael Saylor remains committed to investing in Bitcoin as he believes it’s one of safest havens available for institutional investors today . He also sees opportunity within current market conditions where companies can use cryptocurrencies like Bitcoin as benchmark indicators for their strategies going forward .