Bitcoin Bulls Unfazed: Michael Saylor Still Believes in BTC

• Michael Saylor – the former CEO of MicroStrategy – believes that bitcoin is still a major safe haven for traders and investors despite its volatility.
• Saylor has been investing in BTC since late 2020 and his decisions have costed MicroStrategy more than $1 billion at the time of writing.
• Despite the disastrous year for crypto, Saylor remains confident in BTC’s potential, citing its performance over the past two and a half years as evidence.

Michael Saylor’s Belief in Bitcoin

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. All this stems from the hardcore volatility and speculation that was witnessed in the crypto space last year.

BTC Performance

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 2021, BTC ended 2022 in the mid-$16K range. Several other assets followed suit causing an overall loss of more than $2 trillion in valuation across crypto markets.

Saylor Remains Confident

Despite these losses, Michael Saylor remains confident in BTC’s potential as evidenced by comments he made during recent interviews: “The only real safe haven for an institutional investor is bitcoin… Nobody who talks about bitcoin points out that despite its volatility, it’s the best-performing asset over the past two and a half years.“ He went on to note how MicroStrategy stock was levered against BTC’s performance; when BTC dropped so did MSTR shares but now things have turned around as cryptocurrency markets are recovering from last year’s lows.

FTX Debacle

Additionally, commenting on FTX debacle – which saw billions lost due to market manipulation schemes – Saylor said that while it was harrowing situation it ultimately helped improve public understanding of cryptocurrencies: ”The FTX episode actually helped educate people because it allows them to understand what can happen when you don’t take proper care with your funds.“ Thus far 2021 has been much better than 2022 with most leading assets recording gains between 20% – 100%.

Conclusion

Despite some bumps along way Michael Saylor continues to remain bullish on Bitcoin believing it will become increasingly valuable over time both from an investment perspective as well as being an essential part of emerging digital economies worldwide.